May 31, 2023

On Thursday, the Turkish Central Bank announced its decision on the interest rate for the month of March.

The Central Bank of Turkey said, in a statement, that it decided not to cut after lowering it to 8.5% last month.

He added that he decided during the meeting today not to reduce the interest rate.

And President Recep Tayyip Erdogan had said, earlier, that the interest rate will continue to decline after reaching single digits.

And Erdogan added, in a live broadcast on the Turkish TRT channel, that interest is the cause and inflation is the result. They have constantly raised the interest rate in the world, and on the contrary, it has striven to lower the interest rate, and it will lower this further.

Erdogan continued that stability and confidence in the economy are important, during the prime minister’s term we reduced the interest rate to 4.6, and inflation was like 6.4. Interest and inflation The interest rate is the cause of inflation.

And he added that inflation was 85 percent, and it has decreased to 64 percent, and it will decrease further. The issue is our stability and confidence.

Erdogan continued: “The total spending of our budget amounted to 2 trillion and 941 billion liras in 2022, and our budget revenues amounted to 2 trillion and 802 billion liras, and our budget deficit was only 139.1 billion liras throughout the year, while the total expenditure amounted to 171.8 billion liras in the year despite From the coronavirus outbreak and increases in commodity and energy prices, we managed a primary surplus again after 4 years.

Erdogan emphasized: “We received a budget deficit of 11.1 percent in 2002, we have reduced this to 1 percent in 2022. This year, we also reduced the share of interest expenditure in the budget, in order to ensure the strong income performance we achieved in the budget, we did not We increase taxes or impose new taxes, on the contrary, and we reduce loads. International organizations also explain growth. At the moment, we have achieved 5.5 percent in growth.”

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