Turkish President Tayyip Erdogan on Monday called on companies to lower their prices and cut profits if necessary, to help consumers through a difficult economic time.
Erdogan also said in a speech in Ankara that US President Donald Trump told him in a call on Sunday, that Washington would take measures on its tariffs on Turkish steel imports.
ALSO READ: Turkey hikes gas, power prices by as much as 14 pct as lira crisis deepens
Last Thursday, a Reuters poll found thatTurkey’s economy began contracting in the last quarter and won’t grow again until the third quarter of 2019, while growth will miss government forecasts through 2021, underscoring the serious damage caused by a currency crisis.
The Turkish lira collapsed nearly 30 percent against the US dollar last year, pushing up the price of everything from food to fuel and sending annual inflation to a 15-year-high of more than 25 percent.
Also Read
-
Turkey hikes tax on forex deposits to prop up lira
Turkey on Friday raised tax on foreign currency deposits in a bid to prop up the tumbling lira, in a presidential decision published in the official ... Economy -
Lira falls as Turkey says US waging ‘economic war’
Turkey’s battered lira weakened 1.1 percent on Thursday, to stay under pressure of the confrontation between Turkey and the US. The lira dipped ... Economy -
Calls for interest rate hike do not benefit Turkey, says minister
Turkey's lira has taken a drubbing since coalition talks between the governing AK Party and the main opposition broke down last week Financial Markets
