Turkey needs to increase currency reserve to $130 billion

"This amount is important for a country that targets $125 billion of exports. If you are an exporter country, you can have huge amount of foreign exchange reserve. And you can also take your currency under control," Tuzmen quoted as saying by Anatolian Agency.

Tuzmen said purchasing currency will both balance the currency markets in Turkey and relax the internal market by injecting Turkish lira into the exchange as well. "In fact, I think the domestic market relaxes and the number of the bounced checks will lessen when the Turkish lira is injected into the markets while purchasing foreign currency," he added.
 
TRADE WITH IRAQ

Tuzmen also stated that he would soon travel to Iraq. "Our exports to Iraq recently exceeded $3 billion and trade volume between Turkey and Iraq is now around $3.5 billion," he said.

"There were deals made in Iraq; so, I will travel to Iraq to follow up on these deals. We also hope to increase trade volume to $5 billion. The amount of business currently done by our contractors in Iraq has reached $3.2 billion and I will strive to boost their trade volume," Tuzmen added.

Photo: AA