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FinancialNews
16-07-19
Turkish President vows to reduce interest rate
(MENAFN) Turkish President Recep Tayyip ErdoÄŸan said the central bank would cut interest rates at a current rate of 24 percent, a week after it removed former bank governor Murat Stinkaya and appointed his deputy, Murad Oisal, instead. About 3 percent and the decline of Turkish bonds denominated in dollars.
Erdogan said in remarks to editors of some Turkish newspapers published on Monday that Turkey aims to reduce the rate of inflation from 15.7 percent currently to the number of one box by the end of this year, and also aims to reduce interest rates over the same period.
Turkey's central bank raised its key interest rate in September 2018 to 24 percent as a measure to halt a sharp fall in the value of the lira, which lost more than 40 percent of its value in 2004 and ended the year with a 30 percent loss.
The bank has kept the interest rate unchanged since then, as the economy slides into recession for the first time in a decade, in order to prevent new losses in the value of the currency, which continued its losses this year with about 10 percent of its value, curb inflation that had jumped In October to 25.24 percent.
MENAFN1607201900450000ID1098763038
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