Deputy minister says Turkey has agreed to a rate-cutting policy, the deputy minister says

Deputy minister says Turkey has agreed to a rate-cutting policy, the deputy minister says ...

- ANKARA, Nov 26 - Turkey's ambition to keep a policy of interest rate cuts, and "manipulative attacks" on lira, which has plunged to all-time lows this week, won't leave any lasting damage, said Deputy Finance Minister Noreddin Nebati late on Thursday.

The lira hit a record low of 13.45 on Tuesday, triggered by the opposition of President Tayyip Erdogan on a central bank bill to cut the policy rate to 15%, despite near 20.1% inflation.

Since its start the last week, the dollar saw an average year of 12.10, and the dollar at 5.05, a long day of the recovery. In recent months, the dollar saw a low of 11.58, up from 5% in GMT.

"Under the current market conditions, the policy rate is more expensive than inflation." Nebati said on Twitter. "Under the current situation, there is no problem with the policy rate being kept lower than inflation."

The wealthiest of Nebati's boss, Lutfi Elvan, who is considered a moderate, has remained mostly out of the spotlight in recent months and there has been speculation he may be ousted, but the Palace has not commented.

The opposition's politicians accused Erdogan of dragging the country into crisis and calling for immediate elections, while many economists described the current policy as reckless.

Nebati said that the easing would help the economy grow in economic opportunities, and save taxes, while tackling the current accounting deficit.

Despite the turbulences in real-time, the economy maintains all the strength it has been striving to recover.

After an unexpected mistake: "Even since 2013, every time we tried to implement our low interest rate policy, a fierce opposition broke out."

Several Turks said the dizzying collapse of the lira began when they were facing high inflation, and were anxiously worried that their household budgets and future plans were delayed.

Despite being so angry with its anger, officials told Reuters that Erdogan ignored his policy appeals, even from within his government.

Instead, he defended the policy and vowed to win what he called a "economic war of independence".

Nebati said the tax cutting policy would be a key to a post-pandemic era enlightenment and the economy through "attractive investment opportunities" such as a developing technology sector, a qualified workforce, modern logistics infrastructure and a young population.

"I suggest that all parties re-evaluate the wrongness of the high interest, low inflation policy, dictated specifically for our country which has a structural current account deficit," he said.

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