Economist and head of Queen’s College, Cambridge, Mohamed El-Erian, said Turkey could not afford a bigger currency crash.
El-Erian added that Turkey is approaching a full-fledged economic crisis because of Currency collapse.
He explained that the Turkish economy can still contain the crisis if a quick and effective decision is taken.
He pointed out that financial instability reinforces concerns about the repercussions of inflation on the economy.
El-Erian stated that confidence in the ability of the Turkish Central Bank is waning with the erosion of the country’s international reserves.
The Turkish lira plunged Monday morning to an unprecedented low of more than 17.5 against the dollar.
During a meeting with young Africans on Saturday, Erdogan reiterated his view that interest rates cause inflation, adding that he hopes inflation will drop soon.
“Sooner or later, just as we lowered inflation to 4%, when I came to power, we will lower it again, we will make it go down again. I will not allow interest rates to crush the citizens,” Erdogan said.
“God willing, inflation will begin to decline soon,” he added.
These were the details of the news Turkey is approaching a complete economic crisis for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.
