Cevdet Yilmaz Shared Medium-Term Program Targets

Vice President Cevdet Yılmaz, together with Treasury and Finance Minister Mehmet Şimşek and Head of Strategy and Budget İbrahim Şenel, shared critical economic data and targets for the new term at the Medium-Term Program International Media Meeting.

The FX-Protected Deposit Era Has Closed and Reserves Have Increased

Vice President Cevdet Yılmaz announced that the foreign currency-protected deposit practice has been completely zeroed out without harming financial stability, and this era has closed.

It was announced that gross reserves, which stood at $98.5 billion in May 2023, reached $188.2 billion as of August 28, 2026.

Decline Recorded in Risk Premium

It was stated that a significant improvement has occurred in credit default swap (CDS) rates, which indicate Turkey's risk premium in international markets, and the indicator, which was previously above 700 points, has receded below 220 points.

Growth and Inflation Targets Revised

In line with the effects of global conditions, energy and commodity prices, and the weakness in external demand, the 2026 growth expectation has been updated to 3.3 percent.

While the year-end inflation forecast has been revised to 28.4 percent, national income is projected to exceed $1.8 trillion and 2.1 million additional jobs are expected to be provided.

Energy Costs and Global Developments

It was noted that the average Brent crude oil price assumption has risen to $89.3, the annual energy bill expectation has increased to $71 billion, while tourism revenues have declined to $65 billion.

Highlighting the reducing effect of green transformation on the current account deficit within the scope of the COP31 process, which Turkey will host, market diversification strategies were emphasized.