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Economist İris Cibre on İmamoğlu: 'The implemented economic policy has gone down the drain'

Markets have become volatile following the detention of Istanbul Metropolitan Municipality Mayor Ekrem İmamoğlu. Economist İris Cibre, sharing her assessments on the economy, remarked, 'The implemented economic policy has gone down the drain.'

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Economist İris Cibre shared her assessments regarding the Turkish economy following the detention of Istanbul Metropolitan Municipality Mayor Ekrem İmamoğlu.

In a post on her social media account, Cibre argued that the economic policies implemented since the election have lost their validity.

Stating that the economic program built on the premise of "we will provide confidence to foreign and domestic investors, and curb inflation with a stable exchange rate and high interest rates" has now lost its validity, Cibre emphasized that the Turkish Lira has returned to volatility.

Cibre suggested that any steps the Central Bank might take to control the exchange rate level would be ineffective, stating, "Even if the Central Bank closes the rate at 36 today, it is futile. It is also clear that domestic demand has increased today."

The economist noted that the ongoing developments have had severe consequences, particularly for citizens and small and medium-sized enterprises (SMEs), stating that these segments of society are bearing the greatest burden of the economic program.