Turkish President urges sectors to cut prices as lira rebounds

by IANS |

Ankara, Dec 25 (IANS) Turkish President Recep Tayyip Erdogan has urged all the sectors to cut their exorbitant prices as the national currency, or lira, was rebounding.

Addressing economists and academics in Turkey's financial hub Istanbul, Erdogan said the government would track down the companies and sellers, "including those in the second-hand automotive and housing sectors", who do not lower their prices, reports Xinhua news agency.

"I would like to remind you that I will be a follower of those who increase their price tags several times a day," he warned.

"The bubble on the foreign exchange rates dispersed in a day" with the new measures taken to protect savings from the fluctuations of the national currency, the President noted.

One US dollar was traded at 11.52 liras at 4 p.m. on Friday after the Turkish currency saw a record low of 18.30 against the greenback on Monday.

According to Erdogan, the new economic policy, based on low-interest rates, will support growth, exports, employment, and production.

The Turkish central bank has lowered its benchmark policy rate by 500 basis points since September, despite soaring inflation, pushing the lira to all-time lows.

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