Warning from Prof. Özgür Demirtaş to the CBRT: 'It will be painful...'

Prof. Özgür Demirtaş issued a warning to the Central Bank of the Republic of Turkey (CBRT), which raised interest rates by 500 basis points to 40 percent. In a post on his social media account, Demirtaş stated, "Turkey needs to study the example of Argentina well. Despite constantly raising interest rates, Argentina could not control its inflation."

12punto 27 November 2023

Prof. Özgür Demirtaş issued a warning to the CBRT on his X account, citing Argentina as an example.

In his message, Demirtaş stated, "Turkey needs to study the example of Argentina well. Despite constantly raising interest rates, Argentina could not control its inflation."

Demirtaş continued as follows:

"The reason for this is that it did not implement the other structural reforms it needed to alongside the interest rate hikes. An interest rate hike is the price paid for past mistakes. It is painful. For this pain to be worth it, other structural reforms must be implemented immediately."