ANKARA, Dec 18 (Reuters) – Turkey’s largest business group, TUSIAD, on Saturday urged President Tayyip Erdogan’s government to abandon a controversial monetary policy based on low rates that has prompted a crash in the lira, calling for a return to the “rules of economic science”.
The lira hit a record low beyond 17 against the dollar on Friday, gripped by fears of an inflationary spiral brought on by Erdogan’s new policy in the face of soaring prices.
At the low, the currency had lost some 55% of its value this year, including 37% in the last 30 days. read more
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In a statement, TUSIAD said it had warned the government of the negative impacts of the low-rates policy, adding economic woes were harming businesses and citizens.
“As a result of the instability we have been experiencing in recent times, it has become clear that goals under this economic programme that is being…