“I want all my citizens to keep their savings in our money, to run all our business with our money, and I recommend that. Let’s not forget that as long as we don’t take our own money as a benchmark, we are doomed to sink. Turkish lira, our money, with that we will move on. Not with this currency, with this foreign currency, “Erdogan said in a speech in Istanbul.
Addressing a group of businessmen, Erdogan called on the Turks to bring their gold savings into the banking system and reiterated his unconventional view that interest rates are the cause of inflation.
“We have been fighting for some time to save the Turkish economy from the cycle of high interest rates and high inflation and to start it on the path of growth through investment, employment, production, exports and the current account surplus,” he said.
“Interest rates are falling, interest rates are rising. My friends, please take this out of our books. Interest rates make the rich richer and the poor poorer, “he said.
Turkish gains have eroded in recent months due to the collapse of the pound, although it has returned from an all-time low of 18.4 against the dollar last week after the introduction of a state scheme to protect local deposits from impairment losses. strong currencies.
The pound was quoted at around 13,295 units for a dollar on Friday, down by more than 40% this year, by far the worst performance in emerging markets.
The pound crisis was triggered by the central bank’s aggressive interest rate cuts of 5 percentage points since September, under pressure from Erdogan, as part of an attempt to boost lending and exports.
If you like this article, we look forward to joining the community of readers on our Facebook page, with a Like below: