Erdogan speaks at the MUSIAD EXPO trade fair in Istanbul.
On the occasion of yesterday's decision by the country's central bank to raise interest rates, the president said that sometimes, “if we have to, we have to swallow some bitter bitterness,” notes private broadcaster NTV.
"We need to get Turkey out of the spiral of exchange rates and rates. Interest is a reason, inflation is a consequence,” he stressed.
The President pointed out that the main goal of the government is to reduce inflation first to single digits, and in the medium term, with its further lowering, to ensure a corresponding reduction in rates, BTA reports.
"I believe that when we achieve this, the course (of the Turkish lira) will stabilize,” he added.
Erdogan pointed out that both he and his new economic team would be fully committed and focused on this issue, so that Turkey could be rid of “this chronic suffering”.
"We will do everything we can to increase investor confidence”, the president also stressed.
Erdogan: We will do everything to strengthen investor confidence
Turkish President Recep Tayyip Erdogan has stated the government's determination to introduce Turkey “into a new period of upturn in the economy and democracy,” Anadolu Agency reported.tags: