President Erdoğan's message on interest rates: This economic order must change.

30.05.2025 16:10

President Recep Tayyip Erdoğan emphasized the importance of transitioning to a non-interest-based economy at the 2nd Istanbul World Islamic Economy Summit held at the Istanbul Finance Center. Erdoğan stated that the longing for a non-interest-based economy will continue to be expressed loudly, saying, "We will not back down from the struggle to change the interest-based economic order."

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President Recep Tayyip Erdoğan spoke at the "2nd Istanbul World Islamic Economy Summit" held at the Istanbul Finance Center.

Giving important messages regarding the economy, President Erdoğan stated, "We will not back down from the struggle to change the interest-based economic order."

Emphasizing that the government is determined to implement the current economic program until the desired goals are achieved, Erdoğan said, "We have made visible improvements in inflation, which is our primary priority. In April, it fell to the lowest level in the last 40 months. We will bring inflation down to single-digit levels. We are a government that has achieved the lowest inflation and interest rates in the history of the republic."

Highlights from President Erdoğan's statements are as follows:

"As the Islamic world, we need to maximize the trade, investment, finance, and cooperation opportunities among us. Our trade opportunities should increase, and the Islamic world should enhance cooperation. I have always opposed the distorted system that deepens inequalities. I have frequently expressed that we cannot legitimize interest and an interest-based economic system."

"WE WILL PRODUCE ALTERNATIVE SOLUTIONS TO INTEREST"

I pointed out the problems caused by interest in production, trade, and social life. When the opposition defended an interest-free system, they always stood against it. Even in the right policies, they could not display a local stance that would benefit this country. As Tayyip Erdoğan, I will personally continue to express my longing for an interest-free economy. We will not back down from the struggle to change the interest-based economic order. We will not be satisfied with objections; we will produce alternatives. Despite all our incentives, we do not find it sufficient for participation banking to remain at 8.1% in our country.

STATEMENT ON A TERROR-FREE TURKEY: WE ARE VERY CLOSE TO GETTING RID OF THE PLAGUE

In the stormy waters of increasing trade wars, we are striving to bring Turkey's ship to shore. We are doing well. Wounds in the earthquake zone are being healed. Our neighbor Syria is slowly stabilizing after bloody conflicts. We are preparing to host talks in Istanbul again aimed at ending the Russia-Ukraine war. We are making efforts to stop the oppression in Gaza and establish a ceasefire. Domestically, we are making solid progress towards our goal of a Terror-Free Turkey. Except for a happy minority that opposes everything, the political institution and the vast majority of society support the Terror-Free Turkey process. We are very close to getting rid of the plague that has cost us 2 trillion dollars over 40 years, excluding our losses. I believe that with careful and patient process management, we will reach our destination this time.

"WE WILL BRING INFLATION DOWN TO SINGLE-DIGIT LEVELS"

We are determined to implement our economic program, in which we have made significant progress over the past two years, until we reach our goals. We have made visible improvements in inflation, which is our primary priority. In April, it fell to the lowest level in the last 40 months. We will bring inflation down to single-digit levels. We are a government that has achieved the lowest inflation and interest rates in the history of the republic. They hope for the collapse of our economy, but they will not succeed. We will quickly implement new support packages according to the economic conjuncture and the needs of the sectors. In the chaotic atmosphere of the global economy, the ethical, fair, and sustainable approaches offered by Islamic finance will be examined in great detail.

RETIREMENT BONUSES IN ACCOUNTS BEFORE THE HOLIDAY

I would like to share the good news that we will start paying the 4,000 lira Eid al-Adha bonuses for our retirees starting tomorrow."