Ankara : , 25 Dec 2005 – Recep Tayyip Erdan, Turkish President, has asked all sectors to reduce their excessive prices, as the national currency or the lira was recovering. Erdogan addressed economists and academics at Istanbul’s financial center.
He said that the government will track down sellers and companies, including those involved in second-hand housing and automotive sectors, who don’t lower their prices.
He warned, “I want to remind you that i will follow those who raise their price tags multiple times per day.”
The President observed that “the bubble in foreign exchange rates burst in one day” due to the new measures adopted to safeguard savings against fluctuations of the national currencies.
After the record-breaking low of 18.30 on Monday, one US Dollar was trading at 11.52 Liras on Friday at 4:05 p.m.
Erdogan claims that Erdogan’s new economic policy, which is based on low interest rates and will encourage growth, exports as well as employment and production.
In spite of soaring inflation, the Turkish central bank has reduced its benchmark rate by 500 basis point since September.This has driven down the value of Turkish lira.
ksk/
#Turkish #sectors #reduce #lira #reboundes #Kara
.
