Turkey has gotten rid of the burden of high interest rates as they hurt long-term production, the Nationalist Movement Party (MHP) leader said, ruling out the possibility of a snap election due to economic problems.
“For us, the economic policies followed by the government are correct. Launching a controversy about this is malicious,” MHP President Devlet Bahçeli said during his parliamentary group meeting on November 23.
“Turkey has to make a decision. Either we will accept it [inflation-currency-rates] cycle or fight against high interest rates. There is no alternative. It is imperative that we take structural measures by changing our production structure,” he suggested.
High interest rates limit a country’s ability to produce more and therefore have negative impacts on growth and employment, Bahçeli suggested, admitting that people are suffering from the rising cost of living due to of inflation.
“What I can say to our people is to be a little more patient,” he said, promising things will get “much better” very soon.
The MHP leader suggested that public finance instruments should also be used because the fight against inflation should be left to the Central Bank alone.
Criticizing opposition parties for calling for snap elections, Bahçeli said: “The only thing those who don’t have the sense of economy are doing is calling for snap elections. There will be no advance polls. They will be held as planned, in June 2023.”