Turkish President Recep Tayyip Erdogan said a tight interest rate policy will not lower inflation and vowed Turkey will succeed in its “economic war of independence.”
Speaking after the Cabinet meeting, Erdogan said he preferred a competitive exchange rate as it brings higher investment and employment.
“I reject policies that will contract our country, weaken it, condemn our people to unemployment, hunger and poverty,” he noted.
The president stressed that the government is committed to doing “the right thing for our country” with an economic policy that he said is focused on investment, production, employment and exports, instead of the “vicious circle of high interest rates-low exchange rates.”
Erdogan blamed the lira's weakness on games he said were being played on foreign exchange and interest rates.
“We see the games being played on the exchange rate and interest rates. We came out of every struggle we entered honorably by taking a strong stance. With the help of Allah and the support of our nation, we will emerge from this economic war of independence with victory,” Daily Sabah cited the Turkish leader as saying.
