"Turkey will bring in structural reforms to break the triangle of evil of interest rates, inflation and exchange rates," President Recep Tayyip Erdoğan said on Saturday, adding Ankara was determined to form a system based on production and employment.
Speaking via video link at a ceremony in Ankara, Erdoğan said 2021 would be "the year of democratic and economic reforms" and that efforts to present the reforms to parliament would move "as soon as possible".
"We hope to overcome troubles from economic attacks and the pandemic measures as soon as possible. By speeding up structural reforms, we are determined to form a system based on production and employment and breaking the interest rates, inflation and exchange rates triangle of evil," Erdoğan said.
"We are not carrying out democratic reforms because anyone forced us to, but because our people deserve them," he added.
Erdoğan has called interest rates the "mother of all evil" and says he believes high rates stoke inflation - counter to monetary theory. He has often characterised Turkey's economic woes as the result of foreign attacks on the economy.
