ANKARA (Reuters) – Turkish President Tayyip Erdogan has introduced a series of measures aimed at preventing further dollarization and encouraging pound savings, as he reiterates his defense of his low rate policy, even as the pound s ‘was collapsing to record levels.

Speaking after a cabinet meeting, Erdogan said the measures would ensure citizens do not have to convert their pound into foreign currency, while implementing other measures to help exporters and retirees.

He said there would be “no turning back” to the new model based on low interest rates, adding that central bank interest rate cuts would lead to lower inflation. – currently above 21% – “in a few months”. He reiterated that fluctuations in exchange rates and prices are not based on economic fundamentals.

Warning: Fusion media would like to remind you that the data contained in this site is not necessarily real time or accurate. All CFDs (stocks, indices, futures) and Forex prices are not provided by the exchanges but rather by market makers. The prices may therefore not be exact and differ from the actual market price, which means that the prices are indicative and not suitable for trading purposes. Therefore, Fusion Media assumes no responsibility for any business losses that you may incur as a result of the use of such data.

Fusion media or anyone involved with Fusion Media will not accept any responsibility for any loss or damage resulting from reliance on any information, including data, quotes, graphics and buy / sell signals contained in this website. Please be fully informed about the risks and costs associated with trading in the financial markets, it is one of the riskiest forms of investing possible.