Recep Tayyip Erdoğan: “Interest is My Biggest Enemy”
President Recep Tayyip Erdoğan stated that they are conducting a policy advocating low interest rates and that interest rates should decrease further.
Recep Tayyip Erdoğan made the following evaluations about interest rates at the 21st Ordinary General Assembly of the Confederation of Turkish Tradesmen and Craftsmen:
”My biggest battle is with interest, my biggest enemy is interest. At the moment, we have reduced the interest rate to 12 percent. Is it enough, it is not enough. We are suggesting that it should go down further in the upcoming Monetary Policy Committees.
There are those among us who advocate interest rate policy, high interest rates, they also advocate this, especially the opposition, but your President does not advocate high interest rates, he advocates low interest rates.
We have a fight against inflation, and I hope that after the beginning of the year, I believe that this inflation will come down with low interest rates. I don’t know what private sector banks will do, but I have instructions to public sector banks, you will not leave investors in distress, you will provide the necessary support.
Look, the pound sterling has exploded in the UK, they were bragging about it, but now it has exploded. The most important agenda in Europe right now is to get through the upcoming winter season with minimum damage.
I don’t respect the old models of those who are trying to make money from money and the mandatory economists, which have no validity left.”
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