Yeni Şafak targets Central Bank ahead of interest rate decision! 'It will show its side today'

The newspaper Yeni Şafak, known for its proximity to the government, entered the day the Central Bank will announce its new interest rate decision with a harsh statement. In a report titled "The nation's money flowed to the interest-seekers" featured on the newspaper's front page, the economic policies led by Treasury and Finance Minister Mehmet Şimşek were criticized once again.

The newspaper, which has previously criticized the interest rates implemented by the Central Bank and the preferences of the economic management many times, included a report containing harsh expressions again on the day of the Monetary Policy Committee meeting.

In the report titled "The nation's money flowed to the interest-seekers", the following statements were included: "Turkey has been crushed under a high-interest vise unseen in any other country in the world for the last two years. The state's budget, the industrialist's labor, and the public's sweat are being funneled to interest-seekers. In the last 2 years, 600 billion dollars have gone from the pockets of citizens and the coffers of companies and the Treasury to rentiers. Due to high interest rates, the state paid 1 trillion 114 billion liras just for debt interest in the first six months of this year. Industry, on the other hand, is now suffering losses not from production, but from the debt burden. Turkey will make a decision today on the verge of this picture. The Central Bank will either support production by making a serious interest rate cut or continue to please the interest lobbies that make money from money."

"THE CENTRAL BANK WILL SHOW ITS SIDE"

The newspaper's report also drew attention to the following statements:

"High interest rates, which cause industrialists to withdraw from production, do not give farmers a comfortable opportunity to sow and reap. It is noteworthy that the policy, where tradesmen cannot turn over their debts and the state budget is sacrificed to interest payments, is persistently maintained. The Central Bank will show its side with today's interest rate decision. It will either take a step showing that it is on the side of the public and the producer, or it will continue to mortgage Turkey's future as a representative of the interest-seeker, the usurer, and the rentier.

Today's interest rates are at a level not seen even in African countries struggling with inflation, let alone developed countries. With the interest rate policy maintained in the 40-50 percent band for 20 months, neither serious price stability could be achieved nor could the exchange rate be brought under control. On the contrary, high interest rates led to the further enrichment of a minority segment that makes money from money and to massive wealth transfers. The winner of the high-interest policy was a group of 6-10 thousand people who hold the capital. The loser is all 85 million citizens."