Turkey survival 'needs zero-interest banking'
Renowned Turkish economist Ertan Yulek says Ankara needs to promote interest-free banking as the only means to save the economy.
The Turkish Lira dropped to an all-time low against the US dollar on Monday, prompting the country's Central Bank to sell foreign exchange.
"The main reason behind the plummeting Turkish currency is the fact that the total amount of Turkey's foreign debt has soared over the past years," Yulek said on Tuesday.
"This is while Turkey's exports volume has decreased considerably," the deputy head of the Economic and Social Research Center told Press TV's Mehdi Gholizadeh in Ankara.
Turkish industrial production slumped 21.3 percent in January, the most since at least 1986, as exporters unable to find buyers suspended production and fired workers.
Yulek said "a real economy" which promotes banking without interest is the only solution to the economic crisis.
"A real economy which consists of banking without interest can save the world from the worst recession the world and Turkey have suffered in three-quarters of a century," he said.
"40 percent of the total money in the Turkish banks belongs to 6,000 Turkish families. Their money is earning money and this is not fair," he added.
Turkey is to witness a halt in its economic growth in the near future and analysts believe that its economy could even shrink by around 3 percent.
[http://www.presstv.ir/detail.aspx?id=88089§ionid=351020204
