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Imamoglu, who also criticized the government’s insistence on low interest rates despite high inflation, said: “Interest is the result. If you want to reduce the interest to a certain point, you need to build your policy on reducing risks.”
As a result of President Tayyip Erdogan’s insistence on low interest rates and the fact that the Central Bank (CB) has lowered interest rates by 400 basis points in the last three months despite inflation running to 30 percent, there are historical depreciation losses in the Turkish Lira (TL).
Experts have warned us for years, saying “Economic policy is not based on interest rates and exchange rates. The goal of economic policy should be to correct the causes and go to the conclusion.”
- Interest is the result. If you want to reduce the interest to a certain point. You need to base your policy on reducing risks.
- You should establish a democracy in Turkey that reveals the will of the people in a deep-rooted and strong way again. You must restore democratic values, the rule of law, justice and state institutions.
- You should entrust the management of the country not to the pleasure of a single person, but to the common mind, merit and institutional mechanisms.
- Although political powers may change, you should make the Central Bank administration independent in such a way that it does not change.
- No matter what you do in a country that does not produce, a country that cannot produce, a country that does not have market confidence, you will face similar results.
