Erdogan: We will remove the exchange rate bubble, we will remove the inflation bubble

Turkish President Recep Tayyip Erdogan affirmed on Tuesday that the government has eliminated the foreign exchange rate bubble through its recent package of economic measures.

In his speech during the meeting of the heads of the “Justice and Development Party” branches at its headquarters in the capital, Ankara, the president pointed out that the government is also determined to remove the inflation bubble.

Erdogan said that his country has passed the most difficult stage, adding that “it is time to reap the fruits of our efforts and achieve our goals.”

“We are determined not to leave our citizens under the pressures of exchange rate fluctuations and the outrageous rise in prices,” he added.

Yesterday, Monday, Erdogan announced that his country’s total exports in 2021 increased by 32.9 percent compared to the previous year, and amounted to 225 billion and 368 million dollars. This came in a speech he delivered during his participation in an event in an Istanbul hotel, which was organized to announce the export figures for the past year.

In this regard, Erdogan said, “Our total exports in 2021 increased by 32.9 percent compared to the previous year and amounted to 225 billion and 368 million dollars, which is a record number.”

He added that Turkey’s foreign trade volume increased from 87.6 billion dollars only in 2002 to 496.7 billion dollars in 2021.

He pointed out that the foreign trade deficit during 2021 decreased by 7.8% compared to 2020, to settle at $45.9 billion.

“Our exports increased by 86.6% to South America, 29% to non-EU European countries, 22.6% to the Near and Middle East, and 44.8% to North Africa,” Erdogan said.

He pointed out that Turkey aims to raise the value of its exports to 250 billion dollars during 2022, indicating that the number of countries that it deals with commercially in Turkish lira is increasing day by day.

“We have set an economic growth target for 2022 at 5%, in order to accelerate the achievement of a current account surplus,” he said.

Erdogan stated that the most growing destination for Turkey’s exports is the United States of America.

He added that although the Corona epidemic began as a health crisis, it negatively affected all aspects of life from the economy to tourism, education and human relations, and as of October 2021, the Turkish economy provided two million additional jobs compared to the pre-pandemic period.

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