Erdogan: Interest rates are tools of exploitation

Politics 8/11/2018, 6:06 PM
Erdogan: Interest rates are tools of exploitation

Turkey's President Recep Tayyip Erdogan slammed interest rates as a "tool of exploitation" one day after the Turkish lira plunged to a record low against the dollar amid escalating tensions with the United States. "Interest rates should be kept to a minimum because they are a tool of exploitation that makes the poor poorer and the rich richer," Erdogan said on Saturday in the coastal town of Rize.

The Turkish president was adamant that an economic war is being waged against his country and called on Turks to sell dollars and euros once more in order to support the national currency in free-fall. He added preparations are ongoing to conduct trade with China, Russia, and Ukraine.

Speaking of US President Donald Trump’s increased pressure on Turkey over the detainment of an American pastor, Erdogan stated, "It’s a shame. You prefer a pastor to a strategic ally of yours in NATO."

Breaking the News / JC