Turkey: Erdogan Says He Will Reduce Inflation

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The President of Turkey Tayyip Erdogan He said that in the past he had reduced the country’s inflation, which now stands at more than 21%, to around 4% and that he would do so again soon as prices continue to rise due to the president’s economic policy of aggressive monetary easing, which has caused his crisis. hryvnia, 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 18/12, which was televised today, Erdogan reiterated his unorthodox view that interest rates are what cause inflation and added that he will not let the Turks be “crushed” by interest rates.

Sources: ΑΠΕ-ΜΠΕ, Reuters

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