President Recep Tayyip Erdoğan spoke about the interest rate policy

President Recep Tayyip Erdoğan, during his return from visits to the Turkish Republic of Northern Cyprus and Azerbaijan, made remarks to the media on the economic agenda.

Erdoğan’s messages regarding the economic agenda were as follows:

Just like in any period, undoubtedly, the economy continues to maintain its usual expectation of strengthening. You cannot simply set the economy aside. The first priority of every country is the economy. And in the steps to be taken, especially with the current responsibilities of our Minister of Treasury and Finance, the changes in the Central Bank, and the steps we have taken in the Banking Regulation and Supervision Agency (BDDK), all the ministers involved in the economy, from our Minister of Trade to the Minister of Industry and Technology, and even the defense industry, are all related to this matter. Of course, transportation is also of great importance.

Let no one be mistaken, I am consistent in interest rate policies.

Of course, some individuals should not fall into the misconception that there will be a significant change in the President’s approach to interest rate policies. I remain the same in this regard. However, in terms of the current thinking of our Minister of Treasury and Finance, we have agreed for him to swiftly and comfortably take the steps together with the Central Bank. We have expressed our support and conveyed our determination to reduce inflation to single digits. On what basis do we say this? As you know, during my Prime Ministership, when we brought inflation down to single digits, the interest rate was 4.6% while inflation was 6.2%. At that time, we worked on these matters together, and now we have conveyed the same to our esteemed Minister. We should work together in the same manner. Back then, we operated on the theory of ‘low interest, low inflation”Now, I am working with the same understanding, the same mindset, and I believe we can achieve this.”

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