Please try another search
Economy1 hour ago (Dec 20, 2021 01:25PM ET)
© Reuters. FILE PHOTO: Turkish President Tayyip Erdogan addresses the audience as he attends a ceremony in Istanbul, Turkey, December 19, 2021. Murat Cetinmuhurdar/Presidential Press Office/Handout via REUTERS
ANKARA (Reuters) – Turkish President Tayyip Erdogan introduced a series of measures that aimed to prevent further dollarisation and encourage savings to be made in lira, as he repeated a defence of his low-rates policy, even as the lira crashed to record lows.
Speaking after a cabinet meeting, Erdogan said the measures would ensure citizens would not have to convert their lira into foreign currency, while implementing other measures to aid exporters and pensioners.
He said there would be “no turning back” from the new model based on low interest rates, adding the central bank’s interest rate cuts would bring a fall in inflation – currently above 21% – “within months”. He repeated that the fluctuations in exchange rates and prices were not based on economic fundamentals.
Related Articles
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Comments are closed