Neither Koç nor Sabancı... The 'Nas Economy' benefited him the most: He added profit to his profit
While the 'Nas Economy' implemented by President Erdoğan through his low-interest-rate policy created poverty for low-income earners, 1000 Yatırımlar Holding, a company owned by Erdoğan's nephew Üsame Erdoğan, continued to increase its profits. The company grew 6,045-fold in 3 years, while major holdings reported losses.
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The low-interest-rate policy, which President Recep Tayyip Erdoğan defended with the words "I am an economist" and legitimized with religious references, left its mark on the post-2021 period. Erdoğan had stated that he would never step back from this policy, saying, "There is Nas! What is it, you say we are lowering interest rates? Do not expect anything else from me." However, this approach was criticized by academics and economists on the grounds that it contradicted the fundamental principles of economic science.
THOSE CLOSE TO HIM ADDED WEALTH TO THEIR WEALTH
While the low-interest period shaped by the "Nas" understanding meant the high cost of living and loss of income for the broad masses of the public, it turned into a golden age for some companies managed by names close to Erdoğan.
One of these companies was 1000 Yatırımlar Holding, owned by President Erdoğan's nephew, Üsame Erdoğan.
The holding, which gained growth momentum in 2021, exploded in the first quarter of this year. The company's quarterly net profit rose from 827 thousand 727 TL to 5 billion TL. This means a profit increase of 609 thousand 757 percent. In other words, the company increased its profit 6,045-fold.
GIANT HOLDINGS REPORTED LOSSES
According to the report by Evrensel, 1000 Yatırımlar Holding, owned by Üsame Erdoğan, continued its growth with subsidiaries established or acquired in a short time.
During the same period, while Turkey's largest industrial and financial institutions such as Koç Holding, Sabancı Holding, and Pegasus reported losses, Halkbank was one of the public companies that managed to survive this process with a net profit of 7 billion TL.
According to calculations, the 5 billion TL net profit the company earned in just the first three months of 2024 is equivalent to the total income earned by 75 thousand minimum wage earners in three months. In the same period, 7 million minimum wage earners lost 35 billion TL in real terms against official inflation.