Digital Desk, Ankara. Turkish President Recep Tayyip Erdogan has urged all regions to cut their excessive prices. Addressing economists and academics in Istanbul, the financial center of Turkey, reported Xinhua news agency.
Erdogan said the government would track down companies and vendors, including those in the second-hand automotive and housing sectors, that do not lower their prices. He warns I want to remind you that I will be a follower of people who raise their price tags several times a day.
The President said the bubble of foreign exchange rates spread in a day with new measures taken to protect savings from fluctuations in the national currency. At 4 pm, one US dollar was trading at 11.52 lira. After Turkey’s currency on Friday saw a record low of 18.30 against the greenback on Monday. According to Erdogan, the new economic policy, based on low interest rates, will support growth, exports, employment and production. Turkey’s central bank has slashed its benchmark policy rate by 500 basis points since September, keeping the lira at an all-time low, despite rising inflation.