Ali Babacan Criticizes Economic Policy and Warns About Interest Rates

DEVA Party Chairman Ali Babacan made evaluations regarding economic policies during a fair he attended in Sapanca. Stating that the Medium-Term Program targets have not been met, Babacan expressed that interest rate hikes alone are not sufficient and that money is being printed behind the scenes.

Visit to the Sapanca Fair

DEVA Party leader Ali Babacan, along with his wife Zeynep Babacan, attended the International Landscape, Ornamental Plants, Garden Arts, and Equipment Fair held in Sapanca.

During his program there, Babacan answered questions from members of the press regarding the economic agenda and made various assessments.

Criticism of the Medium-Term Program

Emphasizing that the targets in the medium-term program were not met, Ali Babacan reacted to the postponement of the single-digit inflation target to 2029.

Babacan stated clearly that none of the economic targets put forward by the government so far have been met or held true.

Interest Rates and Money Printing Policies

Defending that simply raising interest rates is insufficient to lower inflation, Babacan said that while interest rates are being raised, money printing continues behind the scenes.

Stating that waste must be prevented in fiscal policy, the politician expressed that adapting the Public Procurement Law to European Union standards is a must.

Assessment of FX-Protected Deposits

Expressing that the foreign exchange-protected deposit scheme has caused great damage to the country, Babacan reminded that they have been saying this system was wrong since day one.

Stating that the application in question carries the character of a project to bankrupt the Treasury, Babacan emphasized trust, the rule of law, and transparent management.