Turkey: Erdogan, lira crisis resulting from market manipulation – Last Hour

Turkey: Erdogan, lira crisis resulting from market manipulation – Last Hour
Turkey: Erdogan, lira crisis resulting from market manipulation – Last Hour

(ANSA) – ISTANBUL, 01 DEC – The current crisis of the Turkish lira “is not the result of our policies, but is caused by those who, on the contrary, try to obstruct these policies”. Thus, Turkish President Recep Tayyip Erdogan returned to defend the decision of the Central Bank of Ankara to keep interest rates low, which had caused a record devaluation of the national currency. In a speech to the parliamentary group of his AKP party, the Turkish leader blamed the crisis on financial actors “who try to manipulate the markets”, speaking of “hyperinflation without logic in the market”.

The Turkish president then lashed out against those who would try to get rich due to the economic situation in Turkey. “To those who are hoarding reserves right now, I would like to say that our nation will become your grave: hoarding reserves is prohibited by our religion,” Erdogan said. “We have lowered interest rates again because they make the rich richer and the poor poorer,” he added. According to the Ankara leader, the choice to lower rates will lead to an increase in production and employment. “If God wills – he declared – GDP will grow by more than 10% this year”. (HANDLE).

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