Erdogan wants to reduce Turkish inflation to 4%


THE chairman of Turkey Tagip Erdogan says that in the past reduced inflation of the country, which today exceeds 21%, at approximately 4% and that he will do so again soon as price increases continue due to the president’s economic policy of aggressive monetary easing, which has caused a crisis in the national currency, the Turkish lira.

Erdogan has said that the new model of economic policy is based on low interest rates and is part of a “war for economic independence”, which – as he said – continues successfully.

Economists have described Erdogan’s economic policy as “risky”, predicting that inflation will exceed 30% next year.

On Friday, the Turkish pound hovered at a new low of 17 pounds against the dollar amid fears of an inflation spiral triggered by the new policy.

At its lowest level, the pound has lost about 55% of its value this year, including 37% in the last 30 days.

In a meeting with young people from Africa on Saturday, which was televised today, Erdogan reiterated his unorthodox view that interest rates are what cause inflation and added that he will not allow Turks to be “crushed” by interest rates.  

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