“Potatoes! The lawn! Yellow Yellow Erdogan” Potatoes! Onions! Goodbye, Erdogan. This was one of the slogans chanted by a huge crowd at the rally where the Turkish opposition ended the election campaign, Friday night, in Ankara. The reference is clear: chronic hyperinflation — it reached 90% in December, now standing at 45% — has prohibitively increased the prices of the most essential foodstuffs.
One of the causes of this inflation is the unorthodox economic policy of the President Recep Tayyip Erdoganwhich goes against all macroeconomic theory and has insisted on lowering interest rates (to 8.5%, well below inflation), partly to stimulate the economy, partly due to religious issues (Islam forbids the concept of interest, hence the existence of so-called Islamic banking, where this mechanism does not exist).
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Source: Expresso by expresso.pt.
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