Erdogan: I will reduce inflation to 4% - I have done it again

"I will not let the Turks be crushed by interest rates," Erdogan said.

imagew 106 CRISIS, Turkey

Turkish President Recep Tayyip Erdogan says he has reduced the country's inflation rate, which now stands at around 21% to about 4%, and will do so again soon as prices continue to rise due to the president's economic policy of aggressive monetary easing. which has caused a crisis in the national currency, the Turkish pound.

Erdogan has stated that the new model of economic policy is based on low interest rates and is part of a "war for economic independence", which - as he said - continues successfully, as reported by APE-MPE.

Economists have described Erdogan's economic policy as "risky", predicting that inflation will exceed 30% next year.

On Friday, the Turkish pound hovered at a new low of 17 pounds against the dollar amid fears of an inflation spiral triggered by the new policy.

At its lowest level, the pound has lost about 55% of its value this year, including 37% in the last 30 days.

In a televised meeting with young people from Africa on Saturday, Erdogan reiterated his unorthodox view that interest rates are the cause of inflation, adding that he would not allow Turks to be "crushed" by interest rates.