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On the impact of the collapse of the Turkish lira.. the resignation of the Minister of Finance is not the last


Ankara, SANA- Major cracks and schisms continue in the pillars of the Turkish regime as a result of economic and political policies


Major cracks and rifts continue in the pillars of the Turkish regime as a result of the reckless economic and internal policies of its President Recep Tayyip Erdogan and his intervention in them in order to implement his controversial and popularly rejected economic program. .

The latest of these splits was the resignation of Minister of Finance and Treasury Lotfi Alwan yesterday against the backdrop of the collapse of the lira, which recorded a new historical decline yesterday, losing more than 4 percent of its value in one day against the basket of major currencies, where the dollar traded at 13.44 pounds and the euro at 15.15 pounds.

The succession of these splits at a high rate confirms that the ruling Justice and Development Party led by Erdogan is losing day after day its most prominent founding leaders, and the list is still expected to increase.

The Turkish newspaper, Zaman, reported that recently, allegations were raised about the readiness of prominent economist Mehmet Simcak, who previously served as Minister of Economy in the Justice and Development governments for many years and known in global markets, to secede from the party and join another political party.

The newspaper pointed out that Şimcak, the former Turkish Deputy Prime Minister, will move to the ranks of the Democratic and Progress Party headed by Ali Babacan, who also resigned from the ranks of the Justice and Development Party.

In turn, the International Monetary Fund stressed the seriousness of Turkey's financial conditions due to the accumulation of errors in managing the economic file. Experts also point out that the IMF's warnings seem to have not moved Erdogan so far, and although the lira has lost about 20 percent of its value since the beginning of the year, he continues to adhere to his wrong belief in The rise in the interest rate caused the rise in the inflation rate, which prompted it to continue urging the Central Bank to reduce the interest rate.

In this context, the Turkish Central Bank said in a statement today that it took measures due to unhealthy price formations in the lira, which witnessed a record decline in its value since Erdogan renewed his efforts to reduce interest rates.

It is worth noting that the Justice and Development Party (AKP) has witnessed the separation of prominent figures from its ranks since the transition to the presidential system of government in 2018, and the “government resignation” hashtag was issued on Twitter in an attempt to get rid of the grip of the Turkish regime, which now controls all the joints of the state, which led to a lack of credibility and independence. In the sectors of the judiciary and the economy, and to the occurrence of a real crisis embodied in social terms by the practices of intimidation and suppression of freedoms with the continuation of the arrest campaigns launched by Erdogan to get rid of opponents of his policies and from the economic aspect embodied in the tension of the markets and the flight of investors and the increasing severity of the financial crisis.

Latifa Muammar

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Source: sena

All business articles on 2021-12-02

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