First comment from President Erdogan on Central Bank’s interest rate decision

President Erdogan made statements at the 18th MUSIAD EXPO Fair.

Highlights from Erdogan’s speech:

“As a country, we are trying to protect the health of our nation and not to disrupt production. We are determined to evaluate the conditions as soon as possible and turn the epidemic into an opportunity.

In the period when the second wave of the epidemic is sweeping the world, we are relatively better. We take the necessary steps in line with the recommendations of scientists regarding the epidemic.

We can overcome the problems caused by the epidemic and the problems caused by the economy with solidarity.

We strengthened the infrastructure of our justice system by renewing all basic laws. We are in an effort to bring our country to a rise again in economy and law.

It turned out that those who escaped from drafting a new constitution with us, later made other efforts in the dark circles.

MB’S DECISION TO INCREASE INTEREST

We know that we need to drink some pain medication if needed. Turkey set up, you need to remove the interest rate spiral. Interest is the cause, inflation is the result. Recording whatever we have under the pillow will provide a new horizon.

Our main goal is to reduce inflation to single digits as soon as possible, then to the level of our medium-term targets, and to ensure that interest rates are reduced accordingly.

When we achieve this, I think the exchange rate will stabilize.

Interest is the cause. Inflation is the result. Let’s know it like this. Inflation is not the cause. Interest is not a result, we deceive ourselves. First of all, interest exploits people by making money from money once.

With our new economic management, we will hopefully save our country from this chronic pain by giving our full time and all our attention to this issue.

We will take every step to gain the trust of the investor. We will do what is necessary for this. In order to take advantage of the opportunities of the new era, we will make production-oriented organizations meet the needs.

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