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    Turkey works to attract expatriate funds, forecasts slower growth

    HotNewsTurkey with wires
    10.10.2008 - 14:43 | Son Güncelleme:

    The Turkish government is working on a bill to attract its citizens funds kept in foreign banks and planning to revise down the growth target amid growing global crisis, finance minister said on Friday.

    "We will submit the bill to Council of Ministers soon. At the moment, it is very difficult to estimate the amount of fund that can be brought," Kemal Unakitan, told at televised interview on NTV.  

    There is no official data on the total amount of the deposits that the Turkish citizens keep in their accounts in the foreign banks, however it is estimated this amount to be around 100-150 billion dollars in the accounts of some 22,000 people.

     

    Unakitan said they were also taking measures to decrease the affects of the crisis to real economy in another bid to soothe concerns.

     

    "The real sector and the Small and Medium Size Enterprise (SME) are going to be affected from global financial crisis. We are studying on the budget to provide cheap credit to these sectors," he said, adding in order to maintain the fiscal discipline they are also implementing fiscal rule.

     

    The budget provisions for 2009 would not be affected from the global financial crisis, but the government could revise down the growth forecast for the said year, Unakitan added.

     

    “Our situation is different so that we are taking measures according to this. We have to enhance the fiscal discipline. There might be a change in the growth target but not in the budget for 2009. The growth rate would be less,” he said.

     

    The recent economic data signal a slower growth rate in Turkey as the industrial production fell 4 percent on year on year in August after a disappointing growth rate for the second quarter of the year.

     

    The government’s growth target for 2009 is 5 percent, however the recent media reports suggest this could be revised down to 4 or 4.5 percent.

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