Contact Us

Erdoğan: Turkey to tame price movements and currency fluctuations to stable line

Speaking during an opening ceremony in the southeastern province of Siirt on Saturday, President Recep Tayyip Erdoğan said in his speech that Turkey will tame current price movements and currency fluctuations to a reasonable and stable line.

Agencies and A News TURKEY
Published December 04,2021

Not too long from now, hopefully, Turkey will tame current price movements and currency fluctuations to a reasonable and stable line, the nation's president said on Saturday.

Recep Tayyip Erdoğan said in a statement that he hoped that foreign-exchange and inflation rates would stabilise shortly.

"God willing we will stabilise all fluctuations in prices and forex rates in not such a long time," Erdoğan told an audience in the eastern city of Siirt.

"Tayyip Erdoğan said low interest rates yesterday, says low interest rates today and will say low interest rates tomorrow," the president said. "I will never compromise on this because interest rates are a malady that make the rich even richer, and the poor even poorer."

"We will always be there for producers and employers with low interest rates. We're starting to enforce precautions safeguarding workers against inflation," Erdoğan said.

Touching on next year's minimum wage, which is set to be determined this month, Erdoğan stressed: "We will relieve our low-income people a little more by setting the minimum wage at a level that will compensate for losses."

On the country's Central Bank reserves, he said that under the nearly two decades his Justice and Development (AK) Party has been in power, the bank's reserves have risen dramatically from $27.5 billion to $126 billion.

Recent interest rate cuts in Turkey have been followed by price hikes as well as the nation's currency, the Turkish lira, losing value.

Erdoğan has said the rate cuts are part of his "new economic model" and a "war of economic liberation" for Turkey.

"Interest rates are the reason, inflation is the result," Erdoğan has said, pledging that his policies will lead to high growth and broad-based prosperity.