Erdogan’s invocation to reduce inflation in the country, in the will of God and when possible, led the Turkish lira in a new dip of 6% against the dollar Of course, the assurance of the Turkish President that interest rates will not rise to stabilize the currency.
The remarks came in response to TUSIA, the Turkish employers’ organization representing about 85% of Turkey’s businessmen and major exporters, which called for a return to the economic principles that govern the market economy.
“The political choices that are being implemented have not only created new difficulties for the business world, but also for our fellow citizens,” she said in a statement.
Responding to this appeal, Erdogan videotaped the statements that were broadcast last night: “They are complaining about the reduction of interest rates. “But do not expect anything else from me.”
Turkish lira has lost 57% of its value against the dollar since January and for the Turks this collapse translates into an unmanageable price spike, while the country is highly dependent on imports, mainly in the raw materials and energy sector.
Source: ΑΠΕ-ΜΠΕ, AFP