reading time: 3 min.

Turgay Deniz: The most important virus in the economic crisis is inflation

Turgay Deniz: The most important virus in the economic crisis is inflation

KTTO President Turgay Deniz emphasized that the most important virus in the economic crisis is inflation.

Publish Date: 12/04/22 09:34
reading time: 3 min.
Turgay Deniz: The most important virus in the economic crisis is inflation
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Cyprus Turkish Chamber of Commerce (KTTO) President Turgay Deniz participated in the program called "EkoFinans" broadcast on BRT screens and made statements regarding the agenda.

Pointing out that inflation is the most important virus in the economic crisis, Deniz said that if inflation is brought to single digits, the high cost and high loan interest rates complained about today can be overcome.

Deniz drew attention to the increase in electricity and oil prices and stated that high customs duties and VAT rates triggered inflation.


Deniz said, “These are added to the products in the market as a cost and they increase the prices. People pay these prices. Then, our public finances are obliged to pay for the cost of living. The virus that affects everything in the economic crisis is inflation. Therefore, if we can focus all our work on how to bring inflation down, we may have partially or completely overcome all our other economic problems that we complain about.


Emphasizing that it is necessary to work on how to minimize the reflection of the increase in energy prices on the market and how to keep the diesel and kerosene used in the industry cheap, Deniz said that low-interest loans should be provided to businesses that lost blood due to high inflation.

Deniz pointed out that steps such as fixing the exchange rate at the customs and not including the increased transportation costs in the customs may also reduce the inflation.

Stating that the finance could take different steps to increase their revenues, Deniz pointed to the informal economy.

“There is 70 percent of informality in the country”

Deniz said, “There is 70 percent informality in this country. There is a potential in this country that can collect at least 3 times more of the taxes that our state currently collects, and this potential is not being addressed. We look at what is ready, we load what is at hand," he said.


Stating that the incentive system should also be reviewed in order to increase the revenues of the finance, Deniz stated that it is important to use the e-Government application and to carry out the reforms without wasting any more time.

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