CHP's Karabat reacts to AKP: 'They hit the gas on interest rates, dealt a blow to democracy'

With the decision of the Central Bank of the Republic of Turkey (TCMB) Monetary Policy Committee (PPK), the 1-week repo auction interest rate was increased by 350 basis points, raising the overnight lending rate from 46 percent to 49 percent, and the borrowing rate from 41 percent to 44.5 percent.

'THE PUBLIC WILL PAY THE BILL'

CHP Deputy Chairman Özgür Karabat described this decision as the "inevitable result of the AKP's 22 years of misguided economic policies," emphasizing that the bill is being footed by workers, tradespeople, and farmers.

"The Palace has deceived the public for years by saying 'we are against interest rates,' but today interest rates are breaking records. While inflation is nearing 50 percent, the Turkish Lira has melted away, and the citizens' purchasing power has been destroyed, the government is painting a rosy picture. This interest rate hike is a confession of the AKP's desperation and lack of vision," he said.

'THE PRICE OF THE MARCH 19 COUP'

Karabat stated that the economic destruction stems not only from rent-seeking and crony policies but also from a governance approach that targets democracy.

Describing the unlawful operations launched on March 19 against Istanbul Metropolitan Municipality (İBB) Mayor Ekrem İmamoğlu and CHP municipalities as a "blow to democracy," Karabat said, "Our municipalities, elected by the votes of the people, are being obstructed from providing services by being smeared with lies and slander. While Ekrem İmamoğlu works to make Istanbul a global city, the AKP cannot digest its defeat at the ballot box."

'WERE YOU NOT GOING TO MAKE THE COUNTRY SOAR?'

Directing sharp questions at the AKP, Karabat said, "Whatever happened to your opposition to interest rate lobbies? Whatever happened to your promise to make this country soar? You didn't learn from the 2001 crisis, you ignored the 2018-2022 collapse, and now in 2025, you are suffocating the public with interest rates, price hikes, and lawlessness! You transferred resources to cronies through the foreign exchange-protected deposit scheme, destroyed the independence of the Central Bank, and ended meritocracy. The result: a spiral of price hikes, oppression, and interest rates."

'EARLY ELECTIONS ARE A MUST'

Noting that the CHP will put an end to this dark picture, Karabat emphasized the demand for early elections, stating, "For the welfare of our people, for a fair economy, and for true democracy, we will get this country back on its feet with qualified staff and a transparent, accountable administration. We will establish the people's government against the AKP's crisis policies, its rent-seeking order, and this distorted system that has surrendered to interest rate lobbies."

News Source: 12punto