It is not difficult to guess that this adjective is used for the Central Bank of the Republic of Turkey. This adjective, expressed by the president himself, is actually a confession of fact.
Accordingly, I'll make a correction. It is not called the Central Bank of the Republic of Turkey or my central bank. The Republican Central Bank of the of Turkey is correct rhetoric.
President Kavcıoğlu at his last meeting. He said they were left alone in fighting inflation. Actually, my daughter, I'm telling you but my daughter-in-law, indeed it is for you. Kavcıoğlu, while fighting high inflation, asked for support from industrialists and citizens. However, the correct address should have been economic management and government.
The Central Bank President does not determine agricultural policies in Turkey. The minister of Agriculture is responsible for rising food prices. Or as with the wrong policies in business life. The central bank is not responsible for the exchange rate shock because the inflow of foreign capital, which does not trust the law of the country, has stopped. If the Ministry of justice and economy builds trust, foreign investors will come to the country. In the same way, President Kavcıoğlu is not responsible for the lawlessness in customs and the billions of dollars lost.
The government determines policy, and the Central Bank determines policy interest. If the government says what the interest rate should be, rather than setting the right policies, then there can also be no mention of an independent central bank. For example, the central bank clears stones on the field. It's the government that has to run the ball on the field and score goals. It is unfair to declare the Central Bank guilty when we lost the match. So the failure to fight inflation is not only result of the central bank's activities.
Contrary to popular belief, inflation is the result of interest. Interest rates do not fall without lowering inflation. Increased trade by borrowing and consuming also does not permanently lower inflation. By reducing consumption, inflation does not fall. Then there will be a recession in the economy. Inflation falls only and only by increasing revenues and savings by producing value added and selling goods at a fair value. Then the investment will be more.
Unfortunately, the bill for the wrong policies applied is issued to the citizen. Those who do business according to conditions win. If you try to rewrite the rules of the game, you are out of the system.