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Erdogan announces new Turkey measures to halt dollarisation, defends low-rates policy -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: Turkish President Tayyip Erdogan addresses the viewers as he attends a ceremony in Istanbul, Turkey, December 19, 2021. Murat Cetinmuhurdar/Presidential Press Workplace/Handout through REUTERS

ANKARA (Reuters) – Turkish President Tayyip Erdogan launched a sequence of measures that aimed to stop additional dollarisation and encourage financial savings to be made in lira, as he repeated a defence of his low-rates coverage, even because the lira crashed to file lows.

Talking after a cupboard assembly, Erdogan stated the measures would guarantee residents wouldn’t should convert their lira into international forex, whereas implementing different measures to help exporters and pensioners.

He stated there can be “no turning again” from the brand new mannequin primarily based on low rates of interest, including the central financial institution’s rate of interest cuts would deliver a fall in inflation – at the moment above 21% – “inside months”. He repeated that the fluctuations in trade charges and costs weren’t primarily based on financial fundamentals.

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