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The decline of the Turkish lira reflects the lack of confidence.. Erdogan warns against “crushing the citizens”

Noah by Noah
December 19, 2021
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The decline of the Turkish lira reflects the lack of confidence.. Erdogan warns against "crushing the citizens"
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Noman Khaled, Assistant Director and Macroeconomic Analyst at Arqaam Capital, described what is happening to the Turkish lira, as “a state of mistrust in the Turkish Central Bank and state institutions, which is not a case that could extend to other emerging markets.”

In an interview with Al-Arabiya, Khaled considered that the intervention of the Turkish presidency and the government in the work of the Central Bank is considered a special and influential factor for Turkey and does not extend to other emerging countries, and the crisis will not be resolved without the complete independence of the Central Bank of Turkey.

He explained that the average depreciation of emerging market currencies in 2010 ranged between 2% and 3%, and this performance is far from the significant and strong decline of the Turkish lira, justified by the interventions of politicians in the conduct of monetary policy.

Regarding the impact of global markets on the Omicron Corona mutator, Khaled said that Egypt is witnessing a significant rise in growth that is expected to continue for the next year, with no closures expected regarding Corona, and therefore inflation will likely rise, and “we see no reason to raise or reduce Egyptian interest rates.”

Turkey’s largest business group had called on President Recep Tayyip Erdogan to abandon His monetary policies to save the lira Which fell to unprecedented record levels against the major currencies.

The Turkish lira hit a record low against the dollar on Friday, a day after the central bank announced another interest rate cut as part of President Erdogan’s economic program.

The lira fell 2% to 16 against the dollar, compared to its close at 15,675 on Thursday. The dollar has more than doubled in value this year against the lira, disrupting the large emerging market economy.

Turkish President Recep Tayyip Erdogan said that he has reduced inflation in his country, which currently exceeds 21%, to about 4% before, and that he will do so again soon, in light of the high prices due to the president’s pursuit of significant monetary easing that led to the collapse of the lira.

Erdogan added that the new policy model based on low interest rates is part of the “war of economic independence” which he said is continuing successfully. Economists described this policy as “reckless” and expected inflation to rise to more than 30% next year.

Erdogan, during a meeting with African youths on Saturday that was broadcast on Sunday, reiterated his view that interest rates cause inflation, adding that he would not allow interest rates to “crush” citizens, according to “Reuters”.

Tags: citizensconfidencecrushingdeclineErdoganLacklirareflectsTurkishwarns
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