Turkey’s President Erdoğan says high interest rate is the reason for inflation
President Erdoğan made a speech at the Presidential Palace in Ankara on December 11th, delivering important messages. Erdoğan also talked about economy and exchange rates as well as inflation issue. He said: “As I always express high exchange rates are not compatible with the actual situation of the economy. Therefore I believe the right balance in exchange rates will be observed, soon. I see efforts to legitimize the pressure to increase interest rates through short-term manipulations in the economy as a futile effort.
I have always explained that I am against high interest rates, as I do again now and I will continue to do this. The reason is it is not possible for the inflation to go down in a country where high interest rates prevail. You should keep this mind. We have the opportunity to make serious investments with the amount of interest paid now. We need to overcome this, first.
2018 will be a year in which we will put our signature under more important success stories.
When we trust and have faith in ourselves, when we stick to our own goals, there is no obstacle, no problem that we cannot solve.”
