The economic moves that the government started by saying "fight against interest" turned into moves to popularize interest.
Aiming to get out of the economic crisis with interest-bearing policies, not by producing, the government introduced the "Currency Protected Deposit" system within this framework.
The government, which took various steps due to the low demand for the system, made another change the other day.
According to the new changes published in the Official Gazette, the Central Bank was authorized to determine the maximum interest rate to be applied to the deposit accounts of banks.
“LIKE A BOMB PUT UNDER THE SYSTEM”
"In a free market economy, the state does not interfere with prices, and the command economy is not applied. The government does not interfere with interest rates. The market determines and there is only one law: supply and demand. If you defy the law of supply and demand, you fall to the ground as if you're defying the law of gravity. What's going on today is like a bomb placed under the banking system. On the one hand, they say free market, on the other hand they intervene in various ways. Then the following question comes to mind: Are you nationalizing the banking system?" Prof. Dr. Osman Altuğ said.
“WHAT DOES IT MEAN TO CREATE COMPETITION?”
Referring to the issue of determining the maximum interest rate in the deposit accounts of the Central Bank, published in the Official Gazette, Altuğ said, "The Central Bank already has such authority. A foreign currency indexed deposit was created. On the one hand, you say free market, on the other hand you intervene. Each institution sets its own interest rate. On the other hand, as if foreign capital comes with a queue, you say, 'Let the Central Bank change the currency, not the bank'. What is the meaning of creating competition between the Central Bank and banks?"
“INJUSTICE IN EVERYTHING”
Stating that all these developments will of course pose a burden to the citizens, "The money in the Treasury is not the citizens' money. It's the money of those who have money now. We will give money, the money in the Treasury will go to those who have money. There is injustice in everything. There is no justice in anything, let there be justice in the distribution," he added.