Erdoğan: Justifying Interest Rate Hike is a Vain Attempt

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President and Justice and Development Party (AKP) Chair Recep Tayyip Erdoğan has spoken at the award ceremony of the Turkish Academy of Science (TÜBA) in Beştepe, Ankara.

In his speech, concerning the high exchange and interest rates Erdoğan said, “As I’ve always said, high exchange rate is not in consistency with the realities of economy” and stated:

“Thus, I believe that the exchange rate will be balanced soon. I see the attempts to justify the interest rate hike by means of manipulations in economy as a vain attempt. I declare again that I am against high interest rate and will continue to declare so. A country with high interest rate cannot have low inflation”.

“We’ve become number one in the world with 11.1% growth”

“Destructive effects of the 2008 global financial crisis is still felt in the Western countries. You’ve seen the latest growth rates. We’ve become number one in the world with 11.1% growth.

“We’ve pulled ourselves together as this crisis touched slightly. We’ve achieved a record growth. The third quarter was very important. By the year-end, we’ll achieve an annual growth of 7.5%”. (PT/TK)