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Little trust: A man is seen pulling a trolley with goods near the Grand Bazaar in Istanbul. Business groups have warned of the negative impact of Turkey’s low-rates policy and say that the economic woes are harming businesses and citizens. — AP

ISTANBUL: Turkey’s Finance Minister Nureddin Nebati has briefed the country’s banking association, BDDK banking watchdog and state bank managers on the government’s new low-rates economic model, the association says, after the lira sank to record lows.

The lira fell beyond 17 to the US dollar on Friday after fears mounted of an inflationary spiral, brought on by president Tayyip Erdogan’s policy in the face of soaring prices.

At the low, the currency had lost some 55% of its value this year, including 37% in the last 30 days.

In a statement, the banking association said the goal of the meeting was to discuss “healthy, consistent growth”.

It added that developments in the banking sector, as well as the domestic and global economy, had been evaluated.

“Our banks will continue to use their resources to meet the financial needs of households and the real economy, within the free-market mechanism that operates with its rules,” it said.

Despite criticism from economists and opposition lawmakers, Erdogan has pressed for the monetary easing to boost credit, exports and growth ahead of elections in 2023, prompting the lira to lose 55% of its value against the dollar this year, including nearly 40% in the last month alone.

The sharp depreciation has sent the lira-equivalent value of foreign currency loans soaring, putting pressure on banks’ capital adequacy ratios (CAR), which are measured in local currency.

Turkish authorities are working on possible relief measures for banks caught between the currency crash and capital requirements, including a potential capital injection for state banks.

Earlier on Saturday, Turkey’s biggest business group Tusiad called on the government to abandon the current monetary policy, urging a return to “rules of economic science”.

The Tusiad business group said it had warned the government of the negative impacts of the low-rates policy, and that the economic woes were harming businesses and citizens.

“As a result of the instability we have been experiencing in recent times, it has become clear that goals under this economic programme that is being attempted will not be achieved,” it said in a statement.

It said “an environment of distrust and instability has been created” and the economic model risked causing “much bigger” problems in the future.

“Even exports, expected to benefit the most from this, have been harmed under this environment,” it said.

Under pressure from Erdogan, the central bank has cut rates by 500 basis points since September. Erdogan has said the model will boost exports, employment and investments, while achieving high growth. Economists have called his experiment “reckless”.


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