Erdogan’s government wavers amid a financial crisis

In view of the financial and economic crisis, the Turkish government seems to be wavering.

Maher Onal, vice chairman of the ruling Justice and Development Party, said today, Tuesday, that Turkish President Recep Tayyip Erdogan will reshuffle his cabinet following recent media speculation about the move.

He also replied to a question about reshuffle: “When we talk about change and even if one part changes, there is movement.”
The whole system. ”

In addition, he pointed to the presidential and parliamentary elections planned for 2023 and said: “Looking ahead to 2023, there will be a new reshuffle in the team and not just in the party. We will see that in the next few days.”

Crisis in the financial markets

Onal’s remarks came amid a financial crisis after Erdogan sacked the central bank governor and appointed Shihab Koçioglu, who was one of the critics of monetary tightening, on Saturday, two days after raising interest rates to contain inflation is his place.

At the same time, the Turkish lira fell 0.6 percent today while under pressure due to the impact of Erdogan’s replacement of the central bank governor. It recorded 7.85 per dollar through 0500 GMT, falling close to record lows from a closing price of 7.8050 on Monday when it fell as much as 15 percent.

It is noteworthy that Shihab Koçioglu, a former lawmaker in the ruling party, shares with Erdogan his unconventional view that high interest rates cause inflation.

The dismissal sparked widespread criticism across the country from the opposition, who confirmed that the Turkish president’s policies brought the problems and fueled the economic crisis rather than solving them.

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