Erdogan pledges loan relief for exporters, tourism in Turkey

Turkey will provide cheaper loans for export and tourism sector investments that earn foreign revenues, President Tayyip Erdogan said on Thursday, adding that “exorbitant” price rises are due mostly to energy and commodity markets and currency instability.

Erdogan told a gathering of small business owners that export-related loans would have rates as low as 9 per cent.

Funding of 100 billion lira ($6.8 billion) would be freed up for exporters and 50 billion lira for the tourism sector, he said.

He also repeated that those who unfairly raise prices would be punished.

Turkey’s annual inflation rate soared to 61 per cent last month, sparked by a late-2021 currency crisis brought on by a series of sharp interest rate cuts sought by Erdogan.