ANKARA, (Reuters) – Turkey’s biggest business group, TUSIAD on Saturday urged President Tayyip Erdoan’s government not to continue a controversial monetary strategy based on low rates. This has caused a collapse in the lira and called for a return of “rules economic science.”

On Friday, the lira fell to 17 against the dollar for the first time in a year. This was due to fears that Erdogan’s policy of increasing prices will lead the country into an inflationary spiral.

The currency lost 55% this year at the lowest point, and 37% over the past 30 days.

TUSIAD stated in a statement that it warned the government about the adverse effects of low rates policy. This added economic pain was affecting citizens and businesses.

It stated that “as a consequence of the instabilities we have experienced in recent times it has become evident that goals under this economy programme that is being attempted won’t be achieved.”

“Following actions that were taken in the framework of economic preferences, an atmosphere of distrust was created,” TUSIAD claimed, adding that future problems could be “much worse” due to the economic model.

Even exports that are expected to be the biggest beneficiaries from it have suffered under these conditions.”

Erdogan has forced the central bank to reduce rates by 500 basis point since September. Erdogan claimed that his new model would boost investment, employment, and exports. But economists have called it “reckless”, as the currency crashed.

Opinion parties called for elections immediately and decried Erdogan’s role in causing the worst currency crisis in history. Kemal Kilicdaroglu of the Republican People’s Party (CHP), the leader of opposition, reiterated this call Saturday after Friday’s plunge in the lira by 8%.

Kilicdaroglu stated that the dollar was out of control. Kilicdaroglu stated that if the leadership of the nation loves the country and respects the people they will instantly bring the ballot box in front the citizens.

Meral Aksener (chairwoman of Iyi Party), said that Erdogan must resign on Friday.

She said that she had no fear of God and understood her feelings, but was ashamed of herself in front of others. “You destroyed youths’ hopes… Take it apart! Take it away!

Erdogan declared a 50% increase in minimum wage to 4,250 Lira ($275), per month for next year. This is expected to increase overall consumer price inflation by between 3.5 and 10 percentage points. Economists predict that inflation will rise beyond 30% next year.

Both general and presidential elections will be held in June 2023.