Main opposition Republican People's Party (CHP) leader Kemal Kılıçdaroğlu has called on President Recep Tayyip Erdoğan to stop after the country's central bank slashed its policy rate by 100 basis points to 15% on Nov. 18.
The bank hinted at more easing despite inflation running near 20%, accelerating a spiral to all-time lows in the lira currency.
The bank, seen as bowing to Erdoğan's calls for stimulus despite the risks, extended as expected an easing cycle that began in September when the one-week repo interest rate was lowered from 19%.
The lira tumbled versus the dollar after the rate decision to 10.98, down 3% and matching a record low hit earlier in the day. It was worth 10.85 at 1129 GMT.
Kılıçdaroğlu has slammed the rate cut, calling on Erdoğan to stop.
"Erdoğan, STOP now!" he said, as he repeated his call for early elections.
Kılıçdaroğlu, alongside Good (İYİ) Party leader Meral Akşener, made the same call a day earlier, citing the government's failure in managing the economy.
Akşener on Nov. 18 asked Erdoğan whether he is happy.
"Your insistence on the wrong practice cost 3,000 liras an hour for each of our citizens. Are you happy Mr. Erdoğan?" Akşener asked.
Yanlıştaki inadının milletimizin her bir ferdine 1 saatteki maliyeti 3000 lira oldu.— Meral Akşener (@meral_aksener) November 18, 2021
Mutlu musun Sayın @RTErdogan?
The central bank's decision was also widely slammed by opposition deputies.
"The central bank is governed upon Erdoğan's orders. It's no longer independent. The lira is losing value. The people are getting impoverished. We have no patience left, elections now!" CHP Group Deputy Chair Engin Özkoç said.
"The chief economist has added fuel to the fire. He doesn't listen to anyone and doesn't care about the people. This decision means price hikes after price hikes. Enough!" İYİ Party deputy Dursun Ataş said.
#TCMB faizi 1 puan indirdi.— Dursun ATAŞ (@DursunATAS38) November 18, 2021
Ekonomi kitabı yazarı, baş ekonomist; yanan ateşi harladı.
Kimseyi dinlemiyor, vatandaşı umursamıyor!
“Ben yaptım oldu.” demeye devam ediyor.
Bu, “Zam üstüne zam, her gün zam…” demek.
Bıçak kemiğe dayandı #ArtıkYeter#faizkararı #Dolar11TL
"The central bank carried out its duty (!) following Erdoğan's orders. You know that you can't rule anymore, stop being a burden on people!" CHP deputy leader Oğuz Kaan Salıcı tweeted.