Ali Babacan criticizes the government on the economy: 'Our largest banknote isn't even worth 5 dollars'

DEVA Party Chairman Ali Babacan made statements criticizing economic policies during his party's group meeting at the Grand National Assembly of Turkey (TBMM). Babacan pointed out that the high cost of living is felt even at iftar tables, drawing attention to the struggle of citizens to make ends meet during the month of Ramadan.

Arguing that the country's economic problems have been deepening for years, Babacan stated, "Ramadan is about appreciating the blessings on our table and filling the gaps if there is something missing at our neighbor's table. Unfortunately, today millions of families in our country have to do calculations while setting their iftar tables. Our retirees, minimum wage earners, and low-income citizens are helpless in the face of the high cost of living and food prices. According to OECD data, Turkey was the country with the highest food inflation in 2025. In January 2026, annual food inflation was recorded at 31 percent. A full 31 percent increase in one year..."

Babacan also revealed with figures that the consumption of meat, chicken, and fish has become a major challenge for households in Turkey. Sharing OECD data, Babacan said, "The shrinking of the bread on the table, parents being unable to fill their shopping bags at the market, retirees looking at price tags and walking away silently, the shrinking of crowded iftar tables, all mean that abundance has been replaced by scarcity. Let's look at another OECD statistic; the rate of households that cannot afford to put meat, chicken, or fish on their table, even every other day, is tracked across all OECD countries, and countries are ranked. Unfortunately, Turkey is at the very bottom of this list. The rate is exactly 40 percent. This means that in our country, 4 out of every 10 households cannot afford to put meat, chicken, or fish on their table, even every other day. The situation is getting worse every year. It is truly painful. This beautiful country, once known for its abundance, production, and self-sufficiency, has today become a prisoner of scarcity and poverty."

DEEP CRISIS IN AGRICULTURE AND CRITICISM OF SUPPORT FOR PRODUCERS

Babacan also drew attention to production losses in agriculture. Reminding of the latest data from the Turkish Statistical Institute (TÜİK), Babacan stated that compared to the previous year, wheat production decreased by 13 percent, barley by 25 percent, rye by 20 percent, and oats by 26 percent. He also reported that soybean production declined by 17 percent and sunflower by 11 percent. Stating that there was a 30 percent decrease in fruit, beverage, and spice production, Babacan commented, "Our farmers are not producing, they cannot produce. It used to be said that these lands feed us and are enough for us. We have the largest lands in Europe. We have the largest agricultural areas in Europe. But our farmers say, 'It's better if we don't plant, at least I won't lose money.' Turkey does not deserve this. This country is not a country to be known for scarcity. This nation is not a nation to be tested with helplessness."

Pointing out that the resources allocated to interest in the budget are far above agricultural support, Babacan said, "The money allocated to interest in the 2026 budget is 2 trillion 742 billion liras. The amount allocated to agriculture is 168 billion. There is a 16-fold difference. When we compare the support given to our farmers with interest, there is a 16-fold difference. 16 times the support given to millions of farmers, producers, and all our citizens engaged in animal husbandry in Turkey is currently being paid to interest in this year's budget. This government, which deceived the nation in the 2023 elections by saying 'we lowered interest rates, we will lower them further,' did not grow the producer, but the interest. It condemned this country to the highest interest rates in the world. It does not support the farmer; it supports interest and the debt system."

Babacan also argued that the root of the economic crisis lies in wrong policies and the failure to give sufficient importance to agriculture. He stated that inflation could be reduced by supporting agriculture and producers, saying, "If you want to lower inflation, it's very simple. Ask Uncle Hasan, the farmer in Polatlı, or Uncle Ahmet, the farmer in Çumra; they will put the math and the plan in front of you in ten minutes. Increase support for the farmer. Thus, production costs will decrease. When production costs decrease, you will see how food and agricultural prices also fall."

THE CAUSE OF THE TRAFFIC PROBLEM IN ANKARA: ZONING CHANGES

In his speech, Babacan also touched upon the traffic congestion in Ankara. Suggesting that the density in the city stems from uncontrolled population growth and zoning changes, Babacan said, "Most of our friends who came to this hall today were late because of traffic. Why has traffic in Ankara become like this? If you allow 20-30 stories instead of 10 on the same square footage, and pile 2-3 times the population onto the same infrastructure, this city's infrastructure cannot handle it. Millions of Ankara residents are stuck in traffic so that 3-5 people can make money through zoning changes. This cannot be."

To symbolize the depreciation of the Turkish Lira, Babacan took a 200-lira banknote out of his pocket and explained its equivalent over the years as follows: "I want to remind you of the state our famous 200 lira has reached as of today. The year was 2009; when this 200 lira was put into circulation, it was worth exactly 132 dollars. Currently, the highest dollar denomination is 100 dollars. Those were the years when we protected the honor of our local and national currency. Right now, it is only 4.5 dollars. Our largest currency unit is not even worth 5 dollars right now. A country's currency is a mirror of the trust in that country. After the 2018 elections, the son-in-law and the father-in-law joined hands and made the market unpredictable with nonsensical policies. Since that day, they have condemned the producer and the consumer to uncertainty. The rebellion is growing."

Babacan also pointed to the critical role of law and justice in the investment environment and argued that the business world is hesitant to invest due to fear and uncertainty. "We meet with many people who own capital in Turkey. The fear in all of them is this: 'Will my door also be knocked on one day at 6:00 AM? Will my assets go to the TMSF (Savings Deposit Insurance Fund) one day for this or that reason?' You cannot fix the economy while business owners have this fear. You cannot increase investment or employment. Even if you perform miracles, you cannot fix this country's economy. The more justice, the more economy; the more law, the more economy. This country's economy can only be fixed with law and justice," he said.