It was noteworthy that the government, which put pressure on the Central Bank to reduce interest rates, allocated one of the biggest expense items to interest in the 2023 Central Budget Bill.
While the budget allocated to interest increases exponentially every year, the allocation of 565.6 billion liras to interest in the 2023 budget once again revealed the sincerity of the government on interest.
The 2023 Central Government Budget Law proposal of President Erdogan and his government, who is against interest at every opportunity and pressured the Central Bank to reduce interest rates, has been announced.
According to the data announced by Vice President Fuat Oktay, it is predicted that expenses will be 4 trillion 470 billion liras and revenues will be 3 trillion 810 billion liras in 2023.
According to these data, a deficit of 660 billion liras was predicted, while 565.6 billion liras was allocated for interest expenses.
330 BILLION LIRA IN 2022, 565 BILLION LIRA IN 2023
The fact that one of the biggest expense items in the New Year's Central Government Budget Bill was set aside for interest also revealed the sincerity test of the government.
On the one hand, the government, which declared that it is against interest, on the other hand, allocated 565 billion liras to interest, which brought to mind the past years.
The government, which allocated a record budget to interest in 2023, remained at 330 billion liras even in the additional budget updated in 2022.
However, the projection of this figure as 565 billion liras in 2023 revealed a 70 percent increase in interest rates.