Currency trading was free 37 years ago

On December 29, 1983, the Turkish Money Protection Law was changed. Foreign exchange trading was released. Undoubtedly, the effective reason for this arrangement was the January 24 decisions. January 24 Decisions, 43. the economic literature on January 24 by the 1980 Government of Turkey and a program of structural transformations. Süleyman Demirel assigned Turgut Özal, who was appointed as the Undersecretariat of the Prime Ministry in 1979, to prepare a new economic stability program and this program was prepared in a short time. It was made public on January 24, 1980. In order to eliminate economic instability, it was decided to take economic measures such as limiting public expenditures, lowering wages and free exchange rate in order to eliminate causes such as the decrease in production and the formation of black market. With the Decisions of January 24, the import-substitution growth strategy, which was implemented in the period before 1980, was abandoned, the outward-oriented growth strategy was put into practice and the growth strategy basically aimed to increase productivity and increase the competitiveness of the economy. In this framework, steps have been taken towards institutionalizing the market economy. The main lines of the January 24 Decisions are as follows: A daily rate declaration was implemented with 32.7% devaluation, measures were taken to reduce the state's share in the economy, agricultural products support purchases were limited in parallel with the practice in SEEs, Subsidies other than fertilizer, energy and transportation were removed. Foreign trade was liberalized, foreign capital investments were encouraged, profit transfers were facilitated, Overseas contracting services were supported, Imports were gradually liberalized, exports; tax refunds, low-interest credit, customs exemption for imported inputs for manufacturing exporters, and an incentive system that differs according to sectors.