Erdogan vows to end scourge of interest, inflation

Erdogan vows to end scourge of interest, inflation

Turkey’s president Recep Tayyip Erdogan said he would drive away the scourge of interest from the nation.

"Those who defend interest among our friends should not take offense. I cannot and will not be with the one who defends interest," Erdogan told his Justice and Development (AK) Party's parliamentary group meeting.

“As long as I am in this position, I will continue my fight against interest and inflation until the end,” the Turkish leader said.

“Interest is the cause, and inflation is the effect,” he added, reiterating a motto he coined.

The president has championed interest rate cuts as a way to spur domestic economic growth, Anadolu Agency reported.

Erdogan said a bright future awaits Turkey "if we can leave 2022 and 2023 behind without causing any break."

Last month, Turkey's Central Bank lowered its benchmark one-week repo rate – also known as the policy rate – by 200 basis points from 18% to 16%.

Turkey saw an annual increase of 19.89% in consumer prices in October, the Turkish Statistical Institute (TurkStat) announced on Nov. 3. Annual inflation rose by 0.31 percentage point from 19.58% a month ago, while the figure was 11.89% in October 2020, according to TurkStat data.