Last minute … Erdogan’s first comment on the Central Bank’s interest rate decision

AKP President and Chairman Recep Tayyip Erdogan made statements at the 18th MUSIAD EXPO. Erdogan had this to say about raising the Central Bank’s monetary policy rate by 475 basis points yesterday from 10.25 percent to 15 percent:

– We do not hesitate to implement the measures we need to take today so that our nation looks to the future with confidence. We are also aware that we have to take some pain relievers at this stage, if necessary.

– We are evaluating yesterday’s interest rate hike decision at this stage. Our main objective is to reduce inflation to the single digits as soon as possible, then to the level of our medium-term goals, and to ensure that interest rates fall accordingly.

– When we do, I think the exchange rate will stabilize. Turkey’s interest, inflation, the exchange rate is critical that we remove the propeller.

– Interest is the reason. Inflation is the result. Let’s get to know it like this. Inflation is not the cause. Interest is not the result, we are fooling ourselves. In the first place, interest exploits people by making money with money once.

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