CHP leader warns against social depression

ANKARA

The growing economic problems mostly hit the poor and that may cause social discomfort, the head of the main opposition Republican People’s Party (CHP) has said.

The Turkish economy is heavily dependent on changes in the foreign exchange rates and had to hike interest rates to lure hot money, CHP leader Kemal Kılıçdaroğlu said at a meeting with the Union of Chambers of Certified Public Accountants of Turkey (TÜRMOB) on Jan. 27.

“The government is in a hole: If it does not increase interest rates, there will be no cash inflows. When it decreases the interest rates, then the dollar and other currencies surge,” he stated, warning against a potential social discomfort.

“The ideal economy should be based on investment, production and job creation which will also resolve the problem of unemployment,” Kılıçdaroğlu added.