Erdoğan links soaring inflation to 2016 coup attempt

Duvar English 

In a video marking the anniversary of the July 15, 2016 coup attempt, Turkish President Recep Tayyip Erdoğan has argued that the coup attempt from six years ago lies behind the current soaring inflation.

Erdoğan touched upon the deepening economic crisis in Turkey in the video, saying that inflation is currently not only Turkey's problem but the whole of the world, according to reporting by online news outlet Diken.

“The inflation accelerated by the exorbitant increase in the global commodity and especially energy prices, triggered by the pandemic and war conditions, is not only our problem but of the whole world. Hopefully, we will be one of the first countries that will get out of this turbulence [inflation] and will leave behind one more misfortune which we see as the continuation of the July 15,” Erdoğan said.

Erdoğan also argued that powers, which he did not name, were trying to make Turkey “surrender through the economy.” “We will not consent to the surrender of Turkey through the economy whose direction could not be changed with tutelage, could not be destroyed with the coup and could not be brought into alignment via terrorism,” he said.

Inflation in Turkey shot to a 24-year high 78.62% in June, mainly due to a currency crisis at the end of last year and the lira's continued decline.

The economic fallout from Russia's invasion of Ukraine has also stoked prices in import-dependent Turkey, especially due to rising energy and commodity costs.

Despite such a high inflation and warnings by experts, Turkey's Central Bank has been keeping its key policy rate steady at 14% for the last six months.  

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