Turkey got rid of the burden of high interest rates as they damage production in the long run, the Nationalist Movement Party (MHP) leader has said, ruling out going to early elections due to economic problems.
“For us, economic policies followed by the government are correct. Launching a polemic over this is maliciousness,” MHP chair Devlet Bahçeli told his parliamentary group meeting on Nov. 23.
“Turkey has to make a decision. We will either accept this [inflation-currency-rates] cycle or fight against high interest rates. There is no alternative. It’s imperative that we take structural measures by changing our production structure,” he suggested.
High interest rates limit a country’s ability to produce more and therefore have negative impacts on growth and employment, Bahçeli suggested, admitting that people are suffering from increasing living costs due to inflation.
“What I can tell our people is to show a little more patience,” he said, vowing that things will be “much better” very soon.
The MHP leader suggested that the instruments of public finance should also be used as the fight against inflation should be left to the Central Bank alone.
Criticizing opposition parties for calling for early elections, Bahçeli said, “The only thing those who don’t have a sense of the economy are making are calls for early polls. There will be no early polls. They will be held as scheduled, in June 2023.”
Hurriyet Daily News