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The NAS is there! President Erdoğan’s economic instrument to fight inflation

Gürak, Hasan LU (2024) p.89-103
Abstract

Turkish President Erdogan is a faithful Muslim and strongly objects to getting/paying interest. To reduce the (high) inflation rate, he declared in a speech at Parliament: “As long as I am in office, I will fight interest. The NAS is there.” The primary purpose of this chapter is to shed light on the nature of this concept and to find out whether there is indeed a NAS with the specific aim of curbing inflation by using the Central Bank’s lending rate. The secondary purpose is to evaluate the outcome of President Erdogan’s new approach to the Central Bank’s lending rate and find out, thanks to empirical investigations by other experts, whether Erdogan’s economic policy was a success story or a failure. The specific questions we are... (More)

Turkish President Erdogan is a faithful Muslim and strongly objects to getting/paying interest. To reduce the (high) inflation rate, he declared in a speech at Parliament: “As long as I am in office, I will fight interest. The NAS is there.” The primary purpose of this chapter is to shed light on the nature of this concept and to find out whether there is indeed a NAS with the specific aim of curbing inflation by using the Central Bank’s lending rate. The secondary purpose is to evaluate the outcome of President Erdogan’s new approach to the Central Bank’s lending rate and find out, thanks to empirical investigations by other experts, whether Erdogan’s economic policy was a success story or a failure. The specific questions we are looking for an answer to are as follows: Is there a NAS explaining/supporting Erdogan’s claim that “Interest is the cause; inflation is the result, and suggesting a remedy? What are the results of this economic policy after one year’s experience, dating from January 2022 to December 2022?.

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Please use this url to cite or link to this publication:
author
organization
publishing date
type
Chapter in Book/Report/Conference proceeding
publication status
published
subject
host publication
The Law of Riba in Islamic Banking : Conventional and Unconventional Approaches to Interest-Free Financing - Conventional and Unconventional Approaches to Interest-Free Financing
pages
15 pages
publisher
Taylor & Francis
external identifiers
  • scopus:85190231897
ISBN
9781032631516
9781003860990
language
English
LU publication?
yes
id
08293c56-e5d5-4058-97ef-0509e02923e7
alternative location
https://www.routledge.com/The-Law-of-Riba-in-Islamic-Banking-Conventional-and-Unconventional-Approaches-to-Interest-Free-Financing/Gurak-Hatti/p/book/9781032631516?srsltid=AfmBOopJAc_q7_Yh9woNHarvalONaXOz6CXFtbRU_pNwQf9RUxraT3U-
date added to LUP
2025-01-15 15:21:09
date last changed
2025-08-28 10:12:28
@inbook{08293c56-e5d5-4058-97ef-0509e02923e7,
  abstract     = {{<p>Turkish President Erdogan is a faithful Muslim and strongly objects to getting/paying interest. To reduce the (high) inflation rate, he declared in a speech at Parliament: “As long as I am in office, I will fight interest. The NAS is there.” The primary purpose of this chapter is to shed light on the nature of this concept and to find out whether there is indeed a NAS with the specific aim of curbing inflation by using the Central Bank’s lending rate. The secondary purpose is to evaluate the outcome of President Erdogan’s new approach to the Central Bank’s lending rate and find out, thanks to empirical investigations by other experts, whether Erdogan’s economic policy was a success story or a failure. The specific questions we are looking for an answer to are as follows: Is there a NAS explaining/supporting Erdogan’s claim that “Interest is the cause; inflation is the result, and suggesting a remedy? What are the results of this economic policy after one year’s experience, dating from January 2022 to December 2022?.</p>}},
  author       = {{Gürak, Hasan}},
  booktitle    = {{The Law of Riba in Islamic Banking : Conventional and Unconventional Approaches to Interest-Free Financing}},
  isbn         = {{9781032631516}},
  language     = {{eng}},
  pages        = {{89--103}},
  publisher    = {{Taylor & Francis}},
  title        = {{The NAS is there! President Erdoğan’s economic instrument to fight inflation}},
  url          = {{https://www.routledge.com/The-Law-of-Riba-in-Islamic-Banking-Conventional-and-Unconventional-Approaches-to-Interest-Free-Financing/Gurak-Hatti/p/book/9781032631516?srsltid=AfmBOopJAc_q7_Yh9woNHarvalONaXOz6CXFtbRU_pNwQf9RUxraT3U-}},
  year         = {{2024}},
}