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FinancialNews
30-01-22
Turkey to carry on cutting interest rates due to high inflation
(MENAFN) The Turkish President Recep Tayyip Erdogan has made a vow that the nation is going to keep on eliminating interest rates, proposing that lower inflation is going to come after this move.
According to Mr Erdogan statement, after the Turkish central bank adjourned a rate-cut sequence in January that cut 500 basis points from the standard rate since September, “we will lower interest rates as we have done already.”
The huge cutting cycle was tied with a runaway inflation, which has resulted in an objection amongst citizens who’ve experienced a profound recession of their financial ability to buy goods in a few months.
According to Mr Erdogan statement on Saturday in northern province of Giresun, “We are aware of the fact that the inflation is a serious burden on citizens” and added, “I repeat here, as you already know my fight against interest rates; we will lower interest rates as we have done already. Inflation will decline as well.”
MENAFN30012022000045013568ID1103613240
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