ANKARA: Turkey's president, Recep Tayyip Erdogan, indicated that rather than raising interest rates, the country will continue to cut them, despite rising concerns about a jump in inflation to a 24-year high. 

Erdogan told reporters on Monday that his government is implementing its own "real" economic programme, defending his government's loosening monetary policy, the report said. Turkey is a "strong" nation that can implement its own economic and social plans, as well as an "autonomous" country that can select and implement its own political and security priorities, he said.  "Those who profit from the exchange rate, interest, and inflation triangle are unaware of our country's growth plan based on investment, employment, output, and current account surplus," the President said.

Instead of inflation, Erdogan referred to the "actual problem" as the expense of living. "Is there a problem with inflation? Yes, there is an issue. Is this title, however, the sole source of Turkey's problems? If that were the case, our country would have solved all of its difficulties owing to the numerous anti-inflation initiatives that have been adopted in the past" He explained.

Following Erdogan's remarks, the Turkish lira plummeted to 16.59 versus the US dollar on Monday, increasing its value losses this year to more than 20%. In 2021, the Turkish currency lost more than 40% of its value when the Turkish central bank lowered its policy rate by 500 basis points to 14% in December from 19% in September, despite strong inflation, and has maintained that rate since then.

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