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Message from Özgür Demirtaş on 'Nas Policy': 'Thanks to you, I became a hotel owner'

Economist Özgür Demirtaş shared on his social media account that after President and AKP Chairman Recep Tayyip Erdoğan's remarks regarding interest rate policy—where he said, "The 'nas' (religious decree) is clear on this matter. With the 'nas' being clear, what is it to you or me?"—which led to interest rates being cut to 8.5 percent, he had given advice to a citizen who later told him, "I became a hotel owner."

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Economist Özgür Demirtaş shared a dialogue he had with a citizen at the airport on his social media account.

Demirtaş stated the following:

"I am at the airport. A person came up to me and said: 'Professor, when the 'Nas' Economic Policy began, you said that inflation would explode. When we asked what we could do, you said, BUY every asset you come across. Thanks to you, I became a hotel owner.' I was very happy. I am happy when I am useful to people."

WHAT HAD HAPPENED?

President and AKP Chairman Recep Tayyip Erdoğan, while giving messages regarding interest rates and inflation at his party's group meeting in 2021, had used the expressions: "Those among our colleagues with whom we walk together who defend interest rates, please excuse me. On this path, I cannot be with those who defend interest rates, I will not be. As long as I am in this position, I will continue my fight against interest rates and inflation to the end. The 'nas' is clear on this matter. With the 'nas' being clear, what is it to you or me?"

Following Erdoğan's words, interest rates were cut down to 8.5 percent. After the interest rate decision, Turkey entered a high exchange rate crisis.