Turkey: The new economic model with low interest rates was presented


THE Minister of Finance Nureddin Nebati briefed the Banking Association of Turkey, the Banking Regulation and Supervision Agency (BDDK) and the directors of state-owned banks on the new economic model of government with low interest rates, the union announced today, after the fall of the pound to record low levels.

The pound hit a new low on Friday, falling as much as 17 17 per US dollar amid fears of a vicious cycle, following President Tayyip Erdogan’s new policy of pushing up prices.

“Our banks will continue to use their resources to meet the financial needs of households and the real sector, within the framework of the free market mechanism that operates according to its rules,” the banking union said in a statement. The aim of the meeting was to discuss “healthy, sustainable development”.

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