Head of Japanese Credit Rating (JCR) Eurasia Department Orhan Ökmen spoke to the Anadolu Agency about the recent presidential elections and the impacts of upcoming financial, political and geopolitical developments in the Turkish economy. Ökmen said the presidential election went smoothly under mild conditions regardless of the tension in previous months. He drew attention to the strong influence elections have on transformation, development and modernization with a higher chance for democratization in developing countries. "The presidential election held under legitimate conditions on Aug. 10 will shape Turkish policy and institutional structure in the upcoming terms. Important outcomes on regional and national policies are also expected. We closely follow whether a new constitution can change the current regime system and in which direction social reconciliation and differences will make progress," Ökmen continued. "The objectives of the Medium-Term Program [OVP] are still valid. In the short term, we do not expect any change in the direction of Turkey's macroeconomic policies. There would also be no change in budgetary discipline." He further added that the Central Bank of the Republic of Turkey (CBRT) exerts effort to maintain institutional freedom and tight monetary policy to retain macroeconomic balances at safe levels. "The current stance of the CBRT is significantly supported by macro prudential measures of the bureaucracy responsible for financial policies. We expect the present conditions will continue.