Banking & Finance Erdogan hopes policy rate will fall to single digits by year-end By Reuters September 29, 2022, 4:57 AM Sputnik/Alexander Demyanchuk/Pool via REUTERS Erdogan said Turkey aims to strengthen the lira by reducing interest rates. Turkish president Tayyip Erdogan on Wednesday said he hopes the central bank’s monetary policy committee will deliver another cut to its policy rate next month and bring it down to single digits by year-end. Erdogan, speaking in a televised interview with broadcaster CNN Turk, said Turkey aims to strengthen the lira by reducing interest rates. Turkey’s central bank unexpectedly cut its policy rate by 100 basis points twice in the past two months, lowering it to 12 percent despite inflation at more than 80 percent in August. An easing cycle at the end of last year, long sought by Erdogan, sparked a currency crisis. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
