Erdogan announces new Turkish measures to halt dollarization, defends low interest rate policy By Reuters
Â© Reuters. FILE PHOTO: Turkish President Tayyip Erdogan addresses the audience as he attends a ceremony in Istanbul, Turkey, December 19, 2021. Murat Cetinmuhurdar / Presidential Press Office / Document via REUTERS
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.
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