Business · Economy · 2 days ago
Istanbul business leader says inflation cuts must protect exports and production
Şekib Avdagiç, president of the Istanbul Chamber of Commerce, said Turkey should lower inflation without weakening production, employment or exports.
He made the comments at the chamber’s October council meeting, as he discussed the economic outlook for the final quarter of 2026.
Avdagiç said domestic demand was slowing and businesses faced rising costs and geopolitical risks.
He called for targeted credit, export financing, investment incentives and measures to reduce energy costs to support monetary policy.
He also said banks should quickly lower loan rates following a 300-basis-point cut by Turkey’s central bank.
The issue matters because, in his view, fighting inflation must not leave firms with the costs for so long that their ability to produce and compete suffers.
Avdagiç also announced he will run for another term as chamber president in elections on 27 October.
Istanbul Chamber of Commerce President Şekib Avdagiç said Turkey should protect production, employment and exports while reducing inflation.
He called for selective lending, export finance, investment incentives and policies to lower energy costs to support monetary policy.
Avdagiç said Turkey’s main economic challenge in the final quarter of 2026 would be to curb inflation without weakening productive capacity.
He said he would seek re-election as chamber president in the vote scheduled for October 27.
- Who
- Şekib Avdagiç, president of the Istanbul Chamber of Commerce.
- What
- He urged policies to support production, employment and exports as inflation falls, and announced he would seek re-election.
- When
- He spoke at the chamber’s October council meeting; the election is scheduled for October 27.
- Where
- Istanbul, Turkey.
- Why
- He said rising costs, geopolitical risks and slowing domestic demand require policies to protect production and exports while reducing inflation.
This story does not have two clearly opposing sides.
In the final quarter of 2026, Turkey’s main test will not only be reducing inflation; we will also need to protect production, employment and export capacity while reducing inflation.
We expect announcements that banks will quickly lower loan interest rates this week in line with the Central Bank of the Republic of Turkey’s 300-basis-point cut to take effect.
We expect Turkey’s main goal in the coming period to be putting in place a policy set that does not keep charging production for the cost of disinflation for longer.
Avdagiç discussed global and domestic economic developments and said he would seek re-election as chamber president.
The Istanbul Chamber of Commerce election is scheduled to take place.
- Speaker
- Şekib Avdagiç
- Organization
- Istanbul Chamber of Commerce
- Interest-rate cut
- 300 basis points
- Election date
- October 27
- Economic period
- Final quarter of 2026
Sources
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