Turkey committed to capital movements: Erdoğan adviser

The Turkish government is committed to allowing free movement of capital in and out of the country and has never discussed curbs, said Cemil Ertem, a senior economic adviser to President Recep Tayyip Erdoğan.

Turkey will continue adopting strong market-friendly reforms, Ertem , wrote in the Daily Sabah newspaper on Wednesday.

Countries such as Brazil have to control capital with practices such as the Tobin tax as they want to protect themselves against hot money inflows accompanying the cheap borrowing wave, and to prevent the switch to a closed economy. Such a practice has never been brought up in Turkey, and it has not even been discussed by the government especially during Erdoğan's era in which populist and Peronist approaches have been completely excluded.

As well as allowing foreign capital to freely enter and exit the country, the government will continue boosting its international investment position by investing in other countries, Ertem said. Gone are the days when the country is shackled by an IMF programme, and becomes reliant on imports, and exchange rate anchors, he said.