People do shopping at the Grand Bazaar in Istanbul, Turkey, on Dec. 23, 2021. (Xinhua/Shadati)
ISTANBUL, Dec. 24 (Xinhua) -- Turkish President Recep Tayyip Erdogan on Friday urged all the sectors to cut their exorbitant prices as the national currency rebounded.
Addressing economists and academics in Turkey's financial hub Istanbul, Erdogan said the government would track down the companies and sellers, "including those in the second-hand automotive and housing sectors," who do not lower their prices.
"I would like to remind you that I will be a follower of those who increase their price tags several times a day," he warned.
"The bubble on the foreign exchange rates dispersed in a day" with the new measures taken to protect savings from the fluctuations of the national currency, the Turkish president noted.
One dollar was traded at 11.52 liras at 4 p.m. local time (1300 GMT) on Friday after the Turkish lira saw a record low of 18.30 against the greenback on Monday.
According to Erdogan, the new economic policy, based on low-interest rates, will support growth, exports, employment, and production.
The Turkish central bank has lowered its benchmark policy rate by 500 basis points since September, despite soaring inflation, pushing the lira to all-time lows. ■
