ISTANBUL, Nov 27 (NNN-ANADOLU) – Turkish President, Recep Tayyip Erdogan, said yesterday that, rate cuts would go on in his country, adding, he would not allow Turkish people to be “crushed” by high interest rates.
Speaking in Turkey’s western province of Izmir, Erdogan said, his government would not give up its economic policies that focus on production, employment, and current account balance.
The Turkish central bank has cut its benchmark policy rate by 400 basic points since Aug, to 15 percent, leaving the Turkish currency in a free fall against the U.S. dollar.
“These rates will go down. We will not allow our people or farmers to be crushed under high-interest rates,” Erdogan noted.
The Turkish lira has lost about 40 percent of its value this year, against the U.S. dollar, while the annual inflation hit almost 20 percent in Oct.– NNN-ANADOLU
