Turkey experiencing ‘inflation-devaluation spiral’ as lira heads south

[Homajon]

Turkey chose to grow economy rather than battle inflation, minister says | Ahval

Turkey’s government chose to boost economic growth rather than take measures such as interest rate hikes to slow inflation, Treasury and Finance Minister Nureddin Nebati said at the weekend, according to Hürriyet newspaper columnist Abdulkadir Selvi.

ahvalnews.com

Isn't this funny?! Since late last year, they said their lowering of the interest rates will lead to the lowering of inflation, and therefore they wont raise the interest rates!

Now that this dumb policy failed miserably, they try to twist the narrative, now the goal is not even to lower the inflation anymore:

We chose to grow with inflation. Otherwise, we could have taken very drastic measures to reduce inflation. We would raise interest rates. Production would have then ceased,” Nebati said.

Yes of course, who cares about inflation, it's just officially over 70%, while in reality as the ENAG group said the inflation rate is more than 160%!

This is the definition of incompetence!

Erdogan is the worst president of the world!!!