Erdogan: High interest rates are tool for exploitation

By Sinan Uslu, Ozcan Yildirim, Selma Kasap and Duygu

ANKARA

Turkey's president on Wednesday branded rates a tool of economic exploitation, not mere profit.

"There are complaints about rates everywhere. As I always kept it on my list,” Recep Tayyip Erdogan told a meeting of the Turkish Union of Chambers and Commodity Exchanges (TOBB) in the capital Ankara.

“Because I see high interest as a tool of exploitation. It’s not a mentality for profit but exploitation," he added.

Erdogan has been outspoken in advocating that lenders and Turkey’s Central Bank bring down interest rates.

Erdogan said that they continue to stand by everyone whose only aim is to produce and develop the country.

"We provide all kinds of support to those who are keen to work, produce, and earn rather than standing in their way. We always consult with representatives of the Turkish business environment in all this work," he added.

In the year 2035

Separately Erdogan predicted that by the year 2035, Turkey's population will exceed 90 million, putting it into the upper echelons of countries by and that it will maintain its power.

"The most important thing is we will utilize this population in the most effective way by joining the world's top 10 economies," he said, adding that they are determined that Turkey's young, educated, and population will be the engine of the country's economic growth.

Erdogan said that by 2035 Turkey will take its place among the world’s most prosperous countries after per capita income rises above $25,000, and wealth will spread across Turkey, reducing income inequality.

He added that this will bring solidarity to the country.

Citing his call in early February for businesses to create jobs, he said Turkish business circles responded positively, adding 1.17 million people to the employment rolls.

In Erdogan stressed that they should make Turkey a global hub for information technology, energy, transportation, logistics, and trade by combining economic breakthroughs with new investment opportunities.

"Let's make a 100 percent Turkish-made car within the TOBB community," he said, adding that Turkey has the people and parts necessary to produce such a car.