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Economic system1 hour ago (Dec 20, 2021 01: 25PM ET)

© Reuters. FILE PHOTO: Turkish President Tayyip Erdogan addresses the target audience as he attends a ceremony in Istanbul, Turkey, December 19, 2021. Murat Cetinmuhurdar/Presidential Press Pickle of job/Handout by technique of REUTERS

ANKARA (Reuters) – Turkish President Tayyip Erdogan launched a series of measures that aimed to cease additional dollarisation and support savings to be made in lira, as he repeated a defence of his low-rates policy, at the same time as the lira crashed to legend lows.

Speaking after a cabinet assembly, Erdogan acknowledged the measures would originate certain that that residents ought to silent no longer dangle to convert their lira into foreign foreign money, while imposing other measures to support exporters and pensioners.

He acknowledged there might per chance well be “no turning abet” from the current model per low interest rates, including the central bank’s interest payment cuts would raise a fall in inflation – currently above 21% – “inside of months”. He repeated that the fluctuations in alternate rates and costs weren’t per financial fundamentals.

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