Istanbul, 14 January 2022 (TDI): The President of Turkey, Recep Tayyip Erdoğan revealed a new economic model for the country on the 12th of January. He added that Turkey will begin to see the effects of this model in the summer.
Turkey’s unorthodox approach of keeping interest rates low to boost the economy has been disastrous for the country in the past few months. The Turkish lira fell by 44% at the end of the previous year.
Additionally, Turkey’s current account deficit has also widened steadily since 2018, along with large amounts of private foreign-currency-denominated debt.
“We are determined to make our country a part of the championship league in the economy as well as introducing unparalleled investments and works in every field,” Erdoğan said.
Turkey is trying to keep the Dollar-Lira parity at TL 13-14 to boost exports and reduce imports, if this policy is successful the country will have a surplus of foreign currency which is the desired outcome. The country has increased the minimum wage by 50% in the last few months.
“In the summer months, we will begin to reap the fruits of our efforts and sacrifices together.
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Erdoğan added that he would not allow any segment of Turkish society to face the dire consequences of rising inflation in the country. Employees’ salaries will be re-evaluated in July according to the inflation realization.
“Of course, there is an inflation problem in our country. In addition, it grappled with the currency problem. As in the exchange rate, there is inflation that does not match the realities of our economy.
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The Turkish government is hard at work to help the people out in this situation. In this regard, recently the government limited the cap increase in private school fees to 36 percent.
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