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TUSIAD benefits from exchange rate manipulations

20 December 2021 16:13 (UTC+04:00)
TUSIAD benefits from exchange rate manipulations

By Economy Service

As the largest organization of industrialists, the Turkish Industry and Business Association (TUSIAD) benefits from the exchange rate manipulations in the country, Yeni Shafak has said.

“It is known that significant parts of the people who have large amounts of dollars in their hands are the members of TUSIAD capital circles. For this reason, these segments were the ones who made the biggest profit from the exchange rate manipulations in the last weeks,” the newspaper said in its analysis.

According to Yeni Shafak, TUSIAD opposes the low-interest policy that promotes production and employment, and like loan sharks, wants to gain benefits through defending the rent economy and high-interest rates. The association also threatens the government, which cuts interest rates.

It was noted that Turkey’s application of the new model, which was achieved with national and domestic opportunities in strategic areas such as the defence industry and energy, to the financial system, alarmed TUSİAD. Moneylenders, who wanted resources to be kept at interest instead of investment, production, employment and exports, started to attack the dollar after the Central Bank lowered its interest rate.

The author claims that the interest holders tried to bring the government to the bargaining table with the offer "if you give up on the new economic program, we can come to an agreement", knowing that raising the exchange rates even higher will hit them as well.

It was stressed that currency speculations, which have been attempted to weaken the Turkish lira in recent months, have also dragged small investors in pursuit.

The author underlined that an important responsibility falls on all citizens who want Turkey to get out of the deadlock, warning that buying dollars leads to higher inflation. Instead of chasing moneylenders and taking high risks, the author encouraged people to sell dollars at this level to gain revenues.

It was reminded that Turkey, which showed a strong performance in the basic economic indicators such as growth, production, investment, employment and exports, has faced similar attacks in the past. Having successfully emerged from the global crisis in 2008, Turkey faced the Gezi events in May 2013, when it succeeded in catching 4.5 percent interest and 5.5 percent inflation rates.

The attempt of the globalists to overthrow the government during the December 17-25 process was remembered as a similar plan.

“They want to turn Turkey, which grew by 1.8 percent in 2020, when the global economy was hit by the Covid-19 pandemic, and is expected to achieve a growth success of over 10 percent this year, into a fireplace with a currency attack like in 2018,” the newspaper stressed.

It added that the large capital circles are in a great rush because they will earn less with the new economy model.

It is noteworthy that Turkey faces an attack because it prioritizes an economy model that will stop the interest robbery of the global financial system, Yeni Shafak stressed.

Turkey, which has reduced the ratio of public debt to Gross National Product to 35 percent, seems determined to apply the new economic model, the newspaper said.

It was noted that $231 billion of the total $258 billion foreign currency deposits in banks belong to domestic residents. Some $60 billion of this foreign currency belongs to 300 people. It is known that the companies, in which these 300 people are partners, control a total of $150 billion with their $90 billion foreign exchange deposits.

Turkey has become a strong production center thanks to its quality products as well as its supply and logistics infrastructure. Taking advantage of this opportunity, supported by the Central Bank by lowering the interest rates, Anatolian companies started to export more by increasing their production. The new economic model is expected to create more prominent national and domestic production businessmen, Yeni Shafak said.

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