Fikri Toros, one of the former presidents of the Cyprus Turkish Chamber of Commerce and the Republican Turkish Party MP for Nicosia, pointed to the Euro again after the Central Bank of the Republic of Turkey’s decision to cut interest rates.
Toros said, “I would like to remind you once again that the transformation to Euro-indexed accounting, income and financial asset structures should be rationally discussed and put into effect before it’s too late, for the sake of preserving the purchasing power of the TL in the face of interest rate policy and increasing inflation, predictability and stability.”
Fikri Toros shared the following:
It is obvious that as long as we are in a position that does not have any monetary policy instrument, lacks fiscal discipline and is dependent on a currency whose value is constantly fluctuating, the prosperity that our people deserve and the predictability and stability that are essential for achieving sustainable macroeconomic goals cannot occur. At this point, no one can deny this!
Low and fixed income workers, together with tradesmen and businesses, as a whole, constantly compromise their quality of life in the face of hyperinflation. The government, which does not have any vision, knowledge and skills, prefers to mislead the public by saying how lucky we are to use Turkish Lira, by making it a material of patriotic nationalism, and only makes the main problem more chronic!
I would like to remind you once again that the transformation to Euro-indexed accounting, income and financial asset structures should be rationally discussed and put into effect before it’s too late, for the sake of preserving the purchasing power of the TL against the interest policy and increasing inflation, predictability and stability.
In line with the goal of transition to the Euro, the determination of the transformation to Euro-indexed accounting, revenues and financial asset structures as a permanent political will will also create an effective motivation for the improvement of the imbalances in public finances and related structural problems.
Although there is no will necessary to solve the problems in the current political environment, at least the goal of ‘meeting the Maastricht Criteria for the public deficit and public debt’, which is another precondition for the transition to the Euro, will be extremely useful. Because the protection of the purchasing power of the people, the financial health of the tradesmen and businesses and the financial discipline of the public finances are a necessity under all circumstances!
