Request for Erdogan’s resignation became trendy in Turkey.
Following an orderly reduction in bank interest rates by the Turkish government and the devaluation of the national currency against foreign currencies, Twitter users in Turkey called for the resignation of President Recep Tayyip Erdogan and made the resignation of Erdogan’s resignation (ERDOĞANİSTİFA) the number one trend.
The decline in bank profits ordered by Erdogan has devalued the lira in Turkey, which has been in crisis in recent months for a variety of reasons, including aggressive foreign policies and interference in economic affairs.
The devaluation of the Turkish lira against other foreign currencies has led to the flight of foreign capital from the country. All of this, along with rising prices for goods and services and inflation, has put Turkish citizens in a state of disarray and forced them to react to the actions of the Turkish president.
With the economic crisis and rising inflation in Turkey, the citizens of this country have launched hashtags against Erdogan in cyberspace in the last two days, calling for his resignation from the presidency.
The Turkish lira has fallen to an unprecedented level of 9.75 lira against the US dollar in recent days, especially yesterday (Monday).
The lira has fallen 24 percent in recent weeks. This downward trend continued in October, following the sudden decision of the country’s central bank to reduce bank profits.
The Turkish government is lowering bank interest rates as developed countries seek to raise them to curb rising inflation.
Experts attribute Erdogan’s intervention in central bank policy to a significant devaluation of the lira. As a result, critics say the country’s central bank has lost its independence.
On September 23, the Central Bank of Turkey unexpectedly raised the bank interest rate by 1% to 18%. Many analysts see last month’s cut in bank interest rates as the latest example of Erdogan’s political interference in the country’s monetary policy. Erdogan had previously described himself as an enemy of bank interest.
Many analysts compare the situation in Turkey today to that of the 1990s. In the 1990s, the lira depreciated by more than 160 percent against the dollar due to political problems and a deteriorating economic balance.
On the other hand, Erdogan’s order to expel the ambassadors of 10 Western countries has not been ineffective in accelerating the devaluation of the lira, which has provoked the reaction of politicians and social media users.
Republican People’s Party (AKP) leader Kamal K قlچçdaroغlu, the main opponent of the ruling Justice and Development Party (AKP), called Erdoغانan’s recent order to expel the ambassadors of 10 countries an attempt to divert public attention from economic problems and the devaluation of the lira. That Erdogan is rapidly leading the country to the brink.
On the other hand, former Turkish President Abdullah Gul, in response to Erdogan’s recent statement, said that a major crisis is not in Turkey’s interest.
Following the unexpected decision of the Central Bank of Turkey on Erdogan’s orders, the state-owned banks “Agriculture”, “Halkbank” and “Vakifbank” reduced their loan interest rates by about 2% yesterday (Monday).
In an effort to counter the economic situation in Turkey, Erdogan last Saturday ordered his foreign minister to release the ambassadors of 10 countries, including the United States, Germany, Canada, France, Denmark, the Netherlands, Norway, Sweden, Finland and New Zealand, to Ankara. Businessman and civil activist Osman Kavala was jailed, the “undesirable element” said. According to Erdogan, the ambassadors “either have to understand Turkey or leave.”
Earlier, the ambassadors of the 10 countries demanded the release of Kavala in a joint statement posted on social media, citing a ruling by the European Court of Human Rights.
Osman Kavala, a businessman and civil activist, has been imprisoned in Turkey for four years without a conviction. But a court has charged him with “collaborating with terrorist groups” and “overthrowing the government in a failed coup.”
Criticizing Erdogan’s actions, Yavuz Aیرالیrالیo معاونlu, Deputy Secretary General of the opposition “No” party, also called on him to address Turkey’s economic problems.
He said Erdogan was trying to use foreign policy issues as a tool for domestic politics to divert public attention from the economic crisis caused by the high cost of living.
Following the Turkish government’s announcement of the expulsion of the ambassadors of 10 Western countries, the President of the European Parliament, David Sasuli, called the move a sign of a change in the Turkish government’s political approach and a move towards tyranny.
