Opposition leader to Erdogan: genius, you ruined everything you touched!

Turkish opposition leader Kemal Kılıçdaroğlu criticized the performance economic report by President Recep Tayyip Erdogan, citing new inflation figures announced Monday by the Turkish statistical institute.

“The Turkish Statistical Institute announced that the annual inflation rate was 36.08%, even in the figures they announce, producer inflation has reached 80%, this means less production and an increase in the cost of living. “wrote the head of the CHP in a tweet via Twitter.

He also added, addressing Erdogan: “You economic genius in the palace, you have ruined everything you have touched!”

high inflation

On Monday morning, the Turkish Statistical Institute announced the inflation rate, in as the inflation rate increased on a monthly basis in December by 13.58%, bringing the year-on-year inflation rate to 36.08%, a record in Turkey.

Producer inflation also rose to 19.08 on a monthly basis in December and 79.89% on an annual basis.

In parallel, the Turkish lira recorded a decline for the fifth consecutive day and reached 13.77 against the dollar on Monday, while the Turkish Central Bank announced that the volume of foreign currency sales on 13 December was 3.12 billion. dollars in the fourth direct intervention during December to avoid the deterioration of the exchange rate of the Turkish lira.

The Turkish Central Bank had previously announced that it had sold $ 844 million in its first intervention on December 1 and $ 504 million in its second intervention on December 3 and $ 687 million in its third intervention on December 10.

Reduce the foreign trade deficit

For his part, Erdogan announced the foreign trade data for the year 2021 and said in his speech on Monday that the export data for the year 2021 amounted to 225 billion and 368 million dollars, an increase of the 32.9 percent, which is the highest number. in the history of Turkey.

He added that the foreign trade deficit decreased by 7.8 percent to $ 45.9 billion in 2021 and the export-to-import ratio rose to 83.1 percent.

Opposition leader Kemal Kılıçdar (Reuters)
Opposition leader Kemal Kılıçdar (Reuters)

Erdogan also said it has revised its 2022 export targets to $ 250 billion.

Interestingly, 2021 was the worst year for the Turkish lira, since President Recep Tayyip Erdogan came to power nearly two decades ago, despite an appeal to the Turks, urging them to trust his atypical rate-cutting policies. interest rates in the face of high inflation.

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