Jun 02 2019

Turkey's presidential system triggered economic crisis, says former central bank head

Turkey's former central bank governor said the country's new presidential rule that allowed one person to hold all authority is the key quandary leading to the economic crisis, Al Jazeera reported on Sunday.

A slump in the value of the lira has pushed Turkey’s economy into a recession and sent inflation surging to almost 20 percent. The lira fell 28 percent against the dollar last year following Turkish President Recep Tayyip Erdoğan's diplomatic row with the United States and has lost about 13 percent of its value since January.

Durmuş Yılmaz said the finance and treasury minister, Erdoğan's son-in-law, Berat Albayrak should resign, however, this would not be an absolute solution to the crisis.

 "This is a systemic issue. This system has paralysed the decision-making process in the economy. If you monopolise the authority, that person manages all," Al Jazeera quoted Durmuş as saying.

The most logical way for Turkey to escape its current economic crisis is to 
introduce a rule-based system, separation of powers, checks and balances that will counteract the effects of one-man rule in the country, according to the former central bank governor.