Last week, a couple of business people stopped me on the street and asked, “What is going to happen to Turkish economy?” I told them to forget about the economy and figure out a Plan B as immediate as possible. As I saw them starting to mumble nonsense, I couldn’t help but saying the following:
“It us who initially help this country go forward. It is us who ensure our businesses, institutions to develop and thrive. Each individual or institution should have a Plan B in case the conjuncture changes. Each and every member of this country should be watchful and strong enough to save themselves first so they can save the country in the long haul. Those who can’t even save themselves will never manage to save their country.”
I repeated the exact same thing on TRT NEWS. We should make our best effort to fight back against the approaching storm so as to avoid tremendous damages as a country. I can see that some of you are getting upset when I start talking about the diplomatic aspect of the problem. However, we all know that Turkey’s economic fragility, which has initially emerged due to the fact that Turkey’s current economic model is not compatible with the 21st century reality, was brutally exploited by some power groups.
At noon on Monday, I attended a professional associations’ meeting and I stated there that we should take the chance that comes our way; because, the companies who make no foreign currency profit may help Turkey overcome this economic bottleneck by converting the foreign currency loans they have received before the recently issued law. And this would only be possible if the Treasury starts issuing “super bonds”, which would encourage investors to exchange their foreign currency stock and then the collected funds can ben transferred to the real sector through banks.
“We keep close track of America”
Following collaboration between the Treasury, Central Bank, Banking Regulation and Supervision Agency (BRSA) and the Banks Association of Turkey, the second step that should be taken is to ask for the support of professional associations such as Turkish Exporters’ Assembly (TİM) and the Union of Chambers and Commodity Exchanges of Turkey (TOBB). If professional associations can contribute as much as they can when the super bonds are issued would definitely be helping hand for the Turkish economy. Criteria and mechanism regarding the process can be easily and quickly specified, ultimately establishing a system that will ease both Banks and Public Sector. BRSA’s latest statement regarding the restructuring process involved “out-of-the-ordinary” and right decisions, proving that regulatory authorities can show some real power when the times are hard.
Before I conclude, I would like to share with you some of my recommendations for the employers, employees, all citizens and finally the Turkish administration.
Recommendations for Employers: Do not stand security for anyone. Do not restructure your debts unless it is absolutely necessary. Remember the former interest rates were lower. Engage further in exports. Do not sell it if you think you can’t collect from the buyers. Give up life’s luxuries. Remember that resources belong to all of us…
Recommendations for Professionals: Do not make any final critical decision without consulting with the Executive Board first. Ensure equal sharing of responsibilities for critical decisions. It’s time for peace not war. Promote peace and reconciliation in your company. Never neglect your education and professional training. Be careful and cautious. Sacrifice for what you need…
Recommendations for Turkish people in general: Never neglect your education. Make a list of your spending expenses. Set your priorities straight. Try not to yield to all the wishes of the household. Grasp the opportunities that come your way…
Recommendations for the Administration: Prioritize expenses. Avoid luxury expenses. First sacrifice yourself for what you need. Do not force people to use Turkish lira. Instead, take measure to encourage them to do so.
By the way, let’s continue to keep track of President Erdogan’s decision to boycott US electronic products and further US reactions about the pastor under house arrest.
