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The German economy is worried about the depreciation of the TL ECONOMY | DW

German Machinery and Equipment Manufacturers Association (VDMA) trade chief Ulrich Ackermann, taking the presidency of the Central Bank of Naci Agbal, then the Turkish Lira (TL) to work with Turkey, the loss of German companies drew attention to the negative effects. “Fluctuations in the TL are a big problem for exporting companies,” Ackermann said, adding that although they know how their customers will react to changes in exchange rates, moving the exchange rate comfortably will be more beneficial for both investment and exports. .

Ulrich Ackermann, Head of Foreign Trade, VDMA

The German economy is one of the most important customers in the purchase of goods for $ 21 million in 2020 in Turkey with 2020 million. Turkey was ranked 16th among the countries that sold the most goods in Germany last year.

German Chemical Industry Association (VCI) made a statement about the developments in Turkey. Stating that the stabilization of the Turkish economy is also in the interest of the German chemical industry, the Union said, “Politically motivated interventions in monetary policy and the resulting fluctuations in exchange rates are increasingly worrying chemical companies.”

“Currency weakness will become a serious problem”

Thomas Gitzel, chief economist at VP Bank, said: “The president’s decision has seriously damaged confidence in Turkish monetary policy and the independence of monetary policy.” “Turkey’s foreign exchange credit will be crushed under the mountains, we can turn the weakness in the exchange rate into a serious problem,” Gitzel said, adding that the depreciation of the TL will make borrowing more expensive.

BayernLB economist Manuel Schimmer also said that the company has been based on growth patterns of consumption and capital imports in Turkey since 2014. Schimmer, who has worked with loose money and a credit policy decided to boost industrial-economic reforms in the political establishment, said Turkey’s biggest trading partners, the United States and the EU, are facing financial turmoil and controversy. expressed.

Reuters / HS, JD

© Deutsche Welle Turkish

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