Turkey to make serious cuts to interest rates

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Turkey to make serious cuts to interest rates 15

A week after replacing the governor of Turkey’s central bank, President Recep Tayyip Erdoğan said on Sunday that Turkey will make serious cuts to interest rates to curb inflation, Agence France-Presse reported.

Ankara aims to reduce inflation from more than 15 percent to single digits by the end of the year, the president said, according to broadcaster Habertürk.

Turkey’s benchmark interest rate was increased to 24 percent last September to curb a sharp fall in the lira. The Central Bank has since left it unchanged, as Turkey’s economy fell into recession.

“We have a certain target in interest rates until the end of the year. We will accomplish this too,” Erdoğan said. “We will reduce this in a serious way. Once this is reduced you will see inflation reduce significantly.”

Economists expect the central bank, under new governor Murat Uysal, to cut rates by 200 basis points at the next rate-setting meeting on July 25, according to AFP.

Last week Erdoğan, a frequent critic of high-interest rates, said he had dismissed the previous central bank governor because he failed to follow instructions on rates.

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