Erdoğan blasts Turkish business group after criticism of monetary policy

President Erdoğan has blasted Turkey's largest business group after it urged him to abandon a monetary policy based on low rates that has prompted a crash in the lira. "You're still trying to figure out how to topple the government," Erdoğan said.

Tuesday December 21 2021 10:05 am

Duvar English

President Recep Tayyip Erdoğan has blasted Turkey's largest business group after it urged him to abandon a monetary policy based on low rates that has prompted a crash in the lira.

Erdoğan on Dec. 20 accused the TÜSİAD of trying to topple the government and cooperating with main opposition Republican People's Party (CHP) leader Kemal Kılıçdaroğlu.

"Turkey has not collapsed. It's here. You're still trying to figure out how to topple the government. You're discussing how to hold early elections with Mr. Kemal," Erdoğan said after chairing a cabinet meeting.

"You'll see that in your dreams. You'll wait for June 2023 for the elections," he added.

The TÜSİAD on Dec. 18 urged Erdoğan and the ruling Justice and Development Party (AKP) to abandon a monetary policy based on low rates that has prompted a crash in the lira, and called for a return to "rules of economic science."

The group said that it had warned the government of the negative impacts of the low-rates policy, and that the economic woes were harming businesses and citizens.

"As a result of the instability we have been experiencing in recent times, it has become clear that goals under this economic program that is being attempted will not be achieved," it said in a statement.

It said "an environment of distrust and instability has been created" and the economic model risked causing "much bigger" problems in the future.

"Even exports, expected to benefit the most from this, have been harmed under this environment," it said.