President Recep Tayyip Erdogan said on Monday that a strict interest rate policy would not reduce inflation and vowed that Turkey would succeed in its economic war for independence, Tendency citing reports Daily sabah.
Speaking after the Cabinet meeting, Erdogan said he preferred a competitive exchange rate because it brings more investment and jobs.
“I reject policies that will contract our country, weaken it, condemn our people to unemployment, hunger and poverty,” he noted.
The president stressed that the government is committed to doing the right thing for our country with an economic policy that he says is focused on investment, production, jobs and exports, instead of vicious circle of high interest rates and low exchange rates.
On Thursday, the country’s central bank cut its key rate by 100 basis points to 15% and announced that further easing would come before the end of the year. The Central Bank of the Republic of Turkey (CBRT) has cut rates by 400 basis points since September.
The cut pushed up the value of the dollar against the Turkish lira. The pound traded at 11:40 am against the greenback at 5:01 pm GMT.
Erdogan blamed the weakness of the Lira on the games he said played on exchange rates and interest rates.
We see games being played on the exchange rate and interest rates. We came out of every fight we entered honorably by taking a tough stand. With the help of Allah and the support of our nation, we will emerge from this economic war of independence with victory, he said.
Erdogan supported the idea that lowering interest rates is the only way to curb inflation. He called for stimulus measures to boost exports, investment and jobs.
The president also reaffirmed the government’s determination to tackle the opportunists who make sky-high price hikes by trying to take advantage of the rising exchange rates, which has no logical explanation, as an excuse.
Amid stubbornly high prices, the government has blamed supermarkets and opened investigations into potentially price gouging.
The annual inflation rate reached 19.89% year-on-year in October, according to official data, driven by the prices of food, services, housing and transport, partly reflecting the surge in global prices of energy.
The central bank says inflationary pressure is temporary, but is expected to last until mid-2022.
There are, of course, economic issues that cause inflation to rise or prices to rise, Erdogan said. The balances are upset because there will be no investment where there is inflation, which refers to a regular increase in prices, and production will decrease, and employment will fall.
He stressed that increases in the prices of certain goods due to the rise in exchange rates do not affect investment, production and employment.
On the contrary, he stressed that the competitiveness of the exchange rate leads to an increase in investment, production, employment.
This is exactly the situation in our country.
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