Turkey's main opposition CHP slams minister for downplaying inflation

ISTANBUL - Anadolu Agency

Umut Oran

The deputy chairman of the main opposition Republican People’s Party (CHP) has slammed Economy Minister Nihat Zeybekçi’s recent remarks downplaying the impact of inflation on the economy.

“Inflation, which dear Zeybekçi makes light of, is one of the six criteria that make Turkey the most fragile economy in the world,” Umut Oran said in a statement released on May 2.

Speaking after Central Bank Erdem Başçı hinted an interest rate reduction on April 30, Zeybekçi suggested that “inflation rates are not as important as interest rates for the economy.”

“What matters is high interest rates. We expect interest rates to reach a point as soon as possible that encourages investment and production,” he said, brushing away concerns over high inflation.

In his reply, Oran described Zeybekçi’s statement as a “new contribution to economic science.” “Minister Zeybekçi has made a new contribution to economic science by saying ‘Inflation is not that important for our economy,’” he said.

“Inflation means stealing the money in people’s pocket and the food in their throats. Inflation means costly living, financial difficulty and becoming poorer for those whose income doesn’t increase at the same rate,” Oran added.