The Turkish president is a declared opponent of higher interest rates.
(Photo: imago images / ZUMA Press)
Frankfurt, Düsseldorf Turkish President Recep Tayyip Erdogan does not shy away from martial words when it comes to the rapidly rising prices in his country. “We are determined to break the neck of inflation and get it back into single digits as soon as possible,” he said after a cabinet meeting on Monday.
According to the data presented at the beginning of the week, prices in Turkey rose 36 percent year-on-year in December – the highest value in 19 years. In addition to the global inflation trend, they have been fueled in the past few months by the decline in the Turkish currency lira. Since the beginning of November it has lost almost 40 percent of its value against the euro.
This drives up the cost of foreign imported products such as oil. From the point of view of many economists, this trend can only be stopped by increasing interest rates.
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