ISTANBUL: Turkey’s Tayyip Erdogan said he plans to take greater control of the economy after presidential elections next month and the central bank will have to take note of what the president says and act accordingly.
His comments helped pushed the ailing lira to a fresh record low of 4.3990 against the dollar, bringing its losses this year to more than 13 percent.
In an interview with Bloomberg Television broadcast on Tuesday, Erdogan said the central bank was independent but it cannot ignore signals from the head of the executive once the switch to a presidential system is complete.
“I will take the responsibility as the indisputable head of the executive in respect of the steps to be taken and decisions on these issues,” he said in the interview, made during a visit to Britain.
Turkey has called snap presidential and parliamentary elections for June 24 and polls show Erdogan as the strongest candidate to win the presidential vote. Turks narrowly backed a switch to an executive presidency in a referendum last year. That change is due to go into effect after June polls.
Erdogan said that citizens would ultimately hold the president responsible for any problems generated by monetary policy.
“They will hold the president accountable. Since they will ask the president about it, we have to give off the image of a president who is effective in monetary policies,” he said.
“This may make some uncomfortable. But we have to do it. Because it’s those who rule the state who are accountable to the citizens,” he added.
Erdogan is a fierce critic of high interest rates, seeking lower borrowing costs to boost the economy. On Friday called them the “mother and father of all evil.”
In the interview, he reiterated his view that high interest rates cause inflation.
“The interest rate is the cause and inflation is the result. The lower the interest rate is, the lower inflation will be,” he said.
Erdogan also said that Halkbank executive Mehmet Hakan Atilla, who was found guilty by a US court of helping Iran evade US sanctions, was innocent and Turkey wanted his acquittal.
“If Hakan Atilla is going to be declared a criminal, that would be almost equivalent to declaring the Turkish Republic a criminal,” he said. (Reporting by Nevzat Devranoglu; Editing by Daren Butler and David Dolan)
Turkey’s Erdogan plans to take greater control of economy: Bloomberg
Turkey’s Erdogan plans to take greater control of economy: Bloomberg
- Erdogan said that citizens would ultimately hold the president responsible for any problems generated by monetary policy
- Erdogan is a fierce critic of high interest rates, seeking lower borrowing costs to boost the economy
Saudi Aramco achieves significant progress in its gas production plan
RIYADH: Saudi Aramco has announced the achievement of significant progress in its plan to expand gas production, with the start of production at the Jafurah field, the largest unconventional gas field in the Middle East, and the commencement of operational activities at the Tanajib Gas Plant, one of the largest gas plants in the world.
The oil giant aims to increase its sales gas production capacity by approximately 80 percent by 2030 compared to 2021 production levels, reaching nearly 6 million barrels of oil equivalent per day from total gas and associated liquids production, according to the Saudi Press Agency.
This is expected to generate additional operating cash flows ranging between $12 billion and $15 billion in 2030, subject to future demand for sales gas and liquids prices.
President and CEO of Saudi Aramco, Amin Al-Nasser, said: “We are proud to commence production at the Jafurah field and begin operations at the Tanajib Gas Plant. These are major achievements for Saudi Aramco and the future of energy in the Kingdom. Our ambitious gas program is expected to become a key source of profitability.”
He affirmed that these mega-projects contribute to meeting the growing domestic demand for gas, supporting industrialization and development in several key sectors, in addition to producing significant quantities of high-value liquids.
Al-Nasser expressed his gratitude for the support, trust, and attention that Saudi Aramco receives from the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, crown prince and prime minister, noting that this has had the most profound impact on the company’s achievements and distinguished projects that serve the Kingdom’s Vision 2030.
The gas extracted from the Jafurah field is expected to support the Kingdom’s growth targets in key sectors such as energy, artificial intelligence, major industries, and petrochemicals, potentially providing a major boost to the Kingdom’s economy and strengthening its position among the world’s top ten gas producers.
Saudi Aramco began first producing unconventional shale gas from the Jafurah field in December 2025, with technology playing a pivotal role in unlocking the potential of the Jafurah field and establishing it as a global benchmark for unconventional gas development.
Since its inception, the project has leveraged technology to help reduce drilling and stimulation costs and enhance well productivity, contributing to its strong economic prospects.
The Jafurah area covers 17,000 sq. km and is estimated to contain 229 trillion standard cubic feet of raw gas and 75 billion barrels of condensates. The Jafurah field project aims to produce 2 billion standard cubic feet per day of sales gas, 420 million standard cubic feet per day of ethane, and approximately 630,00 barrels per day of gas liquids and condensates by 2030.
The Tanajib Gas Plant is a key pillar in Aramco’s strategy to increase gas processing capacities and diversify its energy product portfolio, helping to foster long-term economic growth.
Operations began in December 2025, and its raw gas processing capacity is expected to reach 2.6 billion standard cubic feet per day in 2026. The start of operations at the Tanajib Plant coincided with the commencement of production from the Marjan field expansion and development program.
The plant is distinguished by its digital integration, enhanced operational efficiency, capability to execute complex projects, and optimal use of resources. It processes raw gas associated with crude oil production from the offshore Marjan and Zuluf fields.
Aramco’s gas expansion is expected to create thousands of direct and indirect job opportunities, generating significant added value and strengthening its position as a reliable energy provider.
It also helps meet the growing demand for natural gas and enhances its supply to national industries.
The expansion strategy supports efforts aimed at achieving the optimal energy mix for local electricity generation, advancing the Kingdom’s liquid fuel displacement program, which will have a positive environmental impact, supporting the Kingdom’s ambition to achieve net-zero emissions by 2060, enhancing energy security, and contributing to building a more diversified national economy.
