President Erdoğan vows to fight high interest rates, inflation

President Recep Tayyip Erdoğan has reiterated his continued fight against high interest rates and inflation, vowing to take measures to protect the low-income groups in the face of rising living costs. 

"As long as I am in this job, I will continue my fight against interest rates and inflation until the end. My friends who defend the interest rates should not be offended but I cannot walk with those who defend interest rates," Erdoğan told his parliamentary group on Nov. 17. 

Erdoğan's words came a day before the Central Bank is set to meet and decide on whether the interest rate should be decreased or remained at its current level amid the continued depreciation of the national currency against foreign currencies. 

The issue regarding high interest rates is not an ordinary matter and the ruling party should evaluate it in line with its values, President Erdoğan said, repeating that the high inflation is the consequence of the high interest rates. 

"We will save our people from this problem of interest rates. There is no other way," he said. 
Responding to a reporter's question in parliament on whether his remarks should be seen as a signal of further slashing in interest rates, Erdoğan said, "Isn't the Central Bank an independent body? Let it decide itself."  

Erdoğan also criticized Turkish business groups hesitating to receive low interest loans, saying, "I don't understand these businessmen either. They speak of the need for increasing rates. What kind of businessmen are you? Here are low interest loans, why don't you ask for it?" 

The expectation from the business groups is to continue their investments and exports, Erdoğan stressed. 

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