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EconomicsTurkish lira falls further as Erdogan stands firm on rates

Turkish lira falls further as Erdogan stands firm on rates

Since starting last year Turkey’s dollars have lost roughly 35 percent on the dollar in value. Erdogan’s government has said it is a priority for the economy and is considering reducing prices. For years Erdogan asserted that the use of interest rate increases caused inflation, unlike the mainstream economic theory. A weak lira drives up prices, putting import prices more burdensome as a result as more gasoline and other household goods are sold abroad. Over 81 million citizens live off food shortages. Erdogan said his government won “no surprise in the event we have some good ideas” aimed at curbing the inflation trend and added he could not expect much else from us”.

Erdogan vowed Sunday to continue to keep interest rates low, citing Islamic teachings against usury, saying: “Don’t expect anything else from me.”

In separate speeches Sunday, he also pledged to bring inflation down to 4% as his government has done in the past. He dismissed speculation that his government may implement capital controls by expressing commitment to free market rules.

The Turkish leader later took a swipe at TUSIAD, a group of Turkey’s top businesses, which had urged the government to return to “the generally accepted rules of economics.”

“You have one duty, and that is investment, production, employment and growth,” Erdogan said. “Don’t seek different ways to attack the government. … You cannot win a fight against us.”

Erdogan vowed Sunday to continue to keep interest rates low, citing Islamic teachings against usury, saying: “Don’t expect anything else from me.”

In separate speeches Sunday, he also pledged to bring inflation down to 4% as his government has done in the past. He dismissed speculation that his government may implement capital controls by expressing commitment to free market rules.

The Turkish leader later took a swipe at TUSIAD, a group of Turkey’s top businesses, which had urged the government to return to “the generally accepted rules of economics.”“You have one duty, and that is an investment, production, employment and growth,” Erdogan said. “Don’t seek different ways to attack the government. … You cannot win a fight against us.”

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