Erdogan Slams Calls From Top Business Group to Drop His Policy Approach

LOCAL NEWS

• Erdogan blasts Turkey’s top business group (TUSIAD) over its remarks on the failure of his economic model, calling for an end to the low interest rate policy.
  • Erdogan said Turkey would not let it replace the government, saying the group should not expect anything other than the lowering of interest rates.
  • Tusiad said “it has become clear that the goals under this economic programme will not be achieved and that much larger problems lie ahead
• Earlier on Sunday, Erdogan also promised to bring inflation down to 4% as he had done it in the past – reiterating his stance on low interest rates and inflation.
  • “We are continuing our path in a determined fashion. We will not let our nation become beaten down by interest”
• 13.5m pensioners to receive a 40% increase to their pensions according to govt newspaper, which as personally ordered by Erdogan. Pensions will either be based on the minimum wage or CPI +25%.
• However, a pension expert says the more likely raise will be roughly 13-14% due to pensions being raised in the first 6-months of 2021.
  • MHP leader Bahceli slams CHP leader Kilicdaroglu, saying the opposition is to blame for spreading lies and that there was no basis for the current siege the economy is under. He also alluded to plans similar to 2016 to overthrow the government