Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2023

Daily Sabah logo

عربي
  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV
  • Business
  • Automotive
  • Economy
  • Energy
  • Finance
  • Tourism
  • Tech
  • Defense
  • Transportation
  • News Analysis

We won't let high interest rates crush our people: Erdoğan

by DAILY SABAH

ISTANBUL Nov 26, 2021 - 5:29 pm GMT+3
President Recep Tayyip Erdoğan addresses members of his ruling Justice and Development Party (AK Party) during a meeting at the party headquarters in Ankara, Turkey, Nov. 23, 2021. (Reuters Photo)
President Recep Tayyip Erdoğan addresses members of his ruling Justice and Development Party (AK Party) during a meeting at the party headquarters in Ankara, Turkey, Nov. 23, 2021. (Reuters Photo)
by DAILY SABAH Nov 26, 2021 5:29 pm
RECOMMENDED
Treasury and Finance Minister Nureddin Nebati delivers a speech at the “Century of Türkiye Summit” at the Turkuvaz Media Center in Istanbul, Türkiye, Feb. 2, 2023. (AA Photo)

Türkiye to stick to low rate policy post elections: Finance chief

monetary-policy

President Recep Tayyip Erdoğan on Friday reiterated Turkey’s commitment to low interest rates, saying those who perceive high interest rates and currency traps "as our nation’s fate have the mindset of learned helplessness."

"These interest rates will go down. We won’t let high interest rates crush our people," Erdoğan said.

Erdoğan said Turkey will continue with its new economic policy that prioritizes production, employment and a current account surplus.

The president was speaking in the Aegean coastal province of Izmir where he attended a ceremony held for the delivery of a total of 596 houses and 145 stores to owners that were built after an earthquake hit the city last year.

Erdoğan expressed his hope that the new residences and shops, a total investment amount of TL 2.2 billion ($180 million), will be beneficial for Izmir.

Turkey's deputy finance minister and central bank also reiterated determination to continue implementing a policy of interest rate cuts, saying inflation would pass and the policy had helped boost commercial loans.

“Since 2013, every time we attempted to implement our low interest rate policy, we were met with strong opposition. This time, we are determined to carry this out,” Deputy Treasury and Finance Minister Nureddin Nebati said late Thursday on Twitter.

He also stressed that “manipulative attacks” on the Turkish lira won’t leave lasting damage.

Amid high volatility, the lira hit a record low of 13.45 against the United States dollar on Tuesday.

The Central Bank of the Republic of Turkey (CBRT) lastly cut the one-week repo rate by 100 basis points on Nov. 18 to 15% and signaled more easing would come before the end of the year. It has now slashed rates by 400 basis points since September.

RECOMMENDED
Treasury and Finance Minister Nureddin Nebati delivers a speech at the “Century of Türkiye Summit” at the Turkuvaz Media Center in Istanbul, Türkiye, Feb. 2, 2023. (AA Photo)

Türkiye to stick to low rate policy post elections: Finance chief

monetary-policy
  • shortlink copied
  • Last Update: Nov 26, 2021 6:38 pm
    RELATED TOPICS
    fight-against-terrorism DEUTSCHE-BANK US-LIBYA-RELATIONS
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    No Image

    Want to help earthquake victims in Türkiye? Here's how 

    earthquake-in-türkiye
    An aerial view shows damaged and collapsed buildings following an earthquake, in Kahramanmaraş, Türkiye Feb. 7, 2023. (Reuters Photo)

    Earthquakes in Türkiye moved Anatolia up to 10 meters: Seismologist

    türkiye

    Death toll from deadly quakes in Türkiye surpasses 12,000

    türkiye

    Turkish boy with pet bird in hand rescued 55 hours after the quake

    EARTHQUAKE-IN-TÜRKİYE
    No Image
    Meet latest addition to Turkish gendarmerie's aquatic search dogs
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021