Erdogan says Turkey will make serious rate cuts - Haberturk

President Tayyip Erdogan said Turkey will make serious cuts to interest rates, broadcaster Haberturk reported on Sunday, a week after he replaced the governor of the central bank.

Erdogan said Turkey aimed to reduce inflation from more than 15% to single digits by the end of the year, and also had a target for interest rates over the same time period, Haberturk said.

"We will reduce this in a serious way," it quoted him as saying. "Once this is reduced you will see inflation reduce significantly."