Turkey's Erdogan advises central bank to cut rates at next meeting


Reuters | Ankara | Updated: 29-09-2022 15:59 IST | Created: 29-09-2022 15:57 IST
Turkey's Erdogan advises central bank to cut rates at next meeting
Turkish President Recep Tayyip Erdogan (File Image) Image Credit: ANI
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  • Turkey

Turkish President Tayyip Erdogan said on Thursday he had advised the central bank to lower its policy rate at its meeting in October, adding that interest rates need to be lowered further.

Speaking at the general assembly of a merchants' confederation, Erdogan said his "biggest battle is against interest rates" and repeated his unorthodox view that lower rates will lead to lower inflation.

Inflation in Turkey surged to more than 80% in August, mainly due to a currency crisis sparked at the end of last year following an easing cycle long sought by Erdogan.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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