Türkiye will lower interest rates further, Erdogan says

Recep Tayyip Erdogan, President of Turkiye

© APA | Recep Tayyip Erdogan, President of Turkiye

# 29 September 2022 10:25 (UTC +04:00)

Türkiye will continue cutting interest rates and not raise them, President Tayyip Erdogan said on Wednesday, repeating his unorthodox view that lower rates will lead to lower inflation, APA reports ciitng Reuters.

Speaking in a televised interview with broadcaster CNN Turk, Erdogan called on Turks to take advantage of low rates to make investments.

Turkey's central bank unexpectedly cut its policy rate by 100 basis points twice in the past two months, lowering it to 12%, despite inflation at more than 80% in August.