Erdogan: We Are Aware That We Need To Take Bitter Pill

Erdogan: We Are Aware That We Need To Take Bitter Pill President Recep Tayyip Erdogan spoke about the CBRT's interest rate increase. Erdogan said, "We are aware that we need to take the bitter pill..."     Speaking at the opening of MUSIAD Expo, President Erdogan made evaluations about the CBRT's PPK meeting held yesterday. Commenting on the CBRT's increase in the policy rate, Erdogan made the following statements:

“We are aware that we need to take the bitter pill if necessary, and I evaluate yesterday's increase in interest rates within this framework. Interest of Turkey, inflation, exchange rate is essential that we remove ourselves from the helix. Interest primarily exploits people by profiting from money. Interest is the cause, inflation is the result. Our main goal is to reduce inflation to single digits as soon as possible and to ensure that interest rates fall accordingly. When we achieve this, I hope the exchange rate will stabilize. ''

Pointing out that the weight of foreign currency in deposits should also be reduced, Erdogan said, “We must definitely bring foreign savings to our country, we have taken the peace of existence step. We should increase the trust in TL and reduce the weight of foreign currency in deposits."   Emphasizing the "new era in the economy" recently, President Erdoğan reiterated his emphasis on reform in the economy. President Erdoğan noted the following:

“We will take every step to gain the trust of the investors, we will do whatever is necessary. We will bring reform in economy and law to the Parliament as soon as possible. ''