ANKARA from Turkey – Turkey’s currency weakened by around 10% against the US dollar on Tuesday, a day after President Recep Tayyip Erdogan insisted there would be no turning back on his policy no conventional reduction in interest rates despite high inflation.
The lira dipped to a record low of 13.44 against the dollar before recovering some of its losses. It was trading at 12.51 against the dollar late in the afternoon, down 9.9% from Monday’s close and 14.08 against the euro. The pound has lost about 40% of its value since the start of the year.
Erdogan, who had declared himself an enemy of high borrowing costs, described his economic policies as an economic war of independence during a televised address to the nation late at night. He made it clear that his government would not abandon its policy of lowering borrowing rates to stimulate growth.
Contrary to traditional economic theory, Erdogan argues that high interest rates cause inflation. Typically, central banks increase these rates to contain rising consumer prices.
Either we were going to give up investments, production, growth and jobs respecting the understanding that has prevailed in our country for years, or we were going to engage in a historic struggle in line with our priorities, said Erdogan. . As always, we preferred wrestling.
We are determined to do what is right for our nation, he continued. We encourage investment, production and exports. … We protect jobs. … We care about growth.
The Central Bank of Turkey has cut interest rates by 4 percentage points since September, raising concerns about its independence from Erdogan’s government. The president has sacked three bank governors since 2019.
Inflation is around 20%, eroding the purchasing power of the public.
Dozens of people marched on a busy street in the capital Ankara on Tuesday, accusing Erdogan of mismanagement of the economy and calling for the resignation of his government, the Cumhuriyet newspaper reported.
Ahmet Davutoglu, a former prime minister who split from Erdogan’s ruling party and formed his own political movement, called on the Turkish leader to change course.
Do not continue on this wrong path, you are damaging the country and the economy, he said, after holding an emergency meeting to discuss the fall of the pound with Kemal Kilicdargolu, the head of the principal. Turkish opposition party.
Kilicdaroglu criticized Erdogan’s apparent influence over the Central Bank.
The institution which is responsible for price stability cannot ensure price stability. He became a spectator. His powers were taken from him, he said.
The mention sources can contact us to remove/changing this article
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos
to request, modification Contact us at Here or [email protected]