14 Nisan 2011 Perşembe

Turkish industrialists’ association to monitor rating agencies

Sunday, October 17, 2010

TÜSİAD chief Ümit Boyner (L) joins a press meeting with Central Bank Gov. Durmuş Yılmaz at the CEO Forum. AA photo

TÜSİAD chief Ümit Boyner (L) joins a press meeting with Central Bank Gov. Durmuş Yılmaz at the CEO Forum. AA photo
Turkish Industrialists’ and Businessmen’s Association, or TÜSİAD is conducting research on international credit rating agencies to see if they are under political influence, said Ümit Boyner, the chairwoman of the association at a meeting in Istanbul.

“During the crisis, concerns about the decisions of international rating agencies appeared,” said Boyner at the Chief Executive Officers Forum by TÜSİAD that hosted Turkish Central Bank Gov. Durmuş Yılmaz on Saturday.

A report on research questioning the possible political influence in their ratings will be shared with the public at the meeting of G-20 countries in November, she said.

Turkish industrialists’ and businessmen’s concerns about the international credit rating agencies continue, according to off-the-record sources.

International rating agencies still have “doubts about Turkey’s economic growth” and “need to be convinced” that Turkey’s growth and economic performance is sustainable, according to TÜSİAD.

Noting that the Turkish Central Bank played a major role in decreasing the inflation rate with successful monetary policies, Boyner said, “Turkey is going through a better investment-friendly process in comparison with last year and our industrialists are very optimistic.”

In the meeting with chief executives from major companies and banks, Gov. Yılmaz said the inflation rate would decrease 8 percent and the interest rates would stay in the single digits for nearly three years.

Structural reforms

Talking to Hürriyet Daily News & Economic Review, Boyner said the structural reforms are “a must do” for Turkey “in order to increase the competitiveness.”

“While the structural reforms continue, we should also increase productivity.” Boyner said. “Turkey can not sustain competitiveness through monetary policies only. There needs to be more.”

Turgay Durak, CEO of Koç Holding, Ahmet Çalık, the board chairman of Çalık Holding, Nebil İlseven, CEO of Doğan Holding, Suzan Sabancı Dinçer, the board chairwoman of Akbank, Agah Uğur, the board chairman of Borusan Holding, Tayfun Beyazıt, the board chairman of Yapı Kredi Bank, Memduh Boydak, CEO of Boydak Holding, Erdal Aksoy, chairman of the board of Turcas, Ali Kibar, CEO of Hyundai Assan, Aslı Karadeniz, CEO of Boyner stores, Ziya Akkurt, general manager of Akbank, Hüseyin Geliş, CEO of Siemens attended the TÜSAİD’s CEO’s meeting.

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