Turkey's Stance on Sweden's NATO Bid and Economic Policy

Turkish President Recep Tayyip Erdogan made clear his stance on Sweden's NATO membership bid during a meeting in Vilnius, stating that Turkey would not support the bid unless anti-Turkish protests in Stockholm ceased. Erdogan emphasized that the presence of "terrorists" demonstrating during his meeting with NATO Secretary-General Jens Stoltenberg had undermined Sweden's chances for membership. While Turkey had recently ratified Finland's bid for NATO membership, it still objected to Sweden joining the alliance.


In another development, Erdogan expressed his agreement with the monetary policy turnaround proposed by Turkey's newly-appointed finance minister, Mehmet Simsek. The orthodox monetary policy would shift away from the previous strategy of low interest rates and strong credit growth, which had led to high inflation and the depletion of Turkey's foreign reserves. Analysts expected the central bank to increase rates at its upcoming monetary policy committee meeting.


Meanwhile, Turkey's military claimed to have "neutralized" 53 Kurds in northern Syria in retaliatory strikes following an attack on a police post. The use of ground artillery and drones was reported in the operation. In other news, Kurdish militants from the outlawed PKK group announced the end of a unilateral ceasefire they had declared after a major earthquake struck Turkey earlier this year.


Additionally, senior officials from NATO, Sweden, Finland, and Turkey gathered in Ankara to discuss Sweden's NATO membership bid. The meeting aimed to address concerns and explore potential avenues for cooperation. Furthermore, Turkey expressed readiness to open a consulate in a city that Azerbaijan had taken from Armenian forces.


In a different context, Turkey received protection status for its Caglayancerit walnut from the European Union, a move expected to boost the walnut's export potential. The European Court of Human Rights (ECHR) ruled that Turkey should compensate a prominent Kurdish politician, highlighting ongoing tensions and human rights concerns.


Despite the challenges, Turkey remained engaged in international affairs. Deputy foreign ministers from Russia, Syria, Turkey, and Iran were set to hold talks in Astana, Kazakhstan, while Kuwait signed a contract with Turkey for the purchase of drones. Turkey's billet and bloom import volume also saw significant growth.


Amidst these diverse developments, Turkey's position on Sweden's NATO bid and the shift in its monetary policy stood out as key points of focus.


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