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Erdogan says he expects a new rate cut

UNITED STATES, WASHINGTON (OBSERVATORY) — Turkish President Recep Tayyip Erdogan said on Saturday he expected the central bank to continue cutting interest rates, five days before the bank’s monetary policy board meets.

The bank cut its key interest rate by 425 basis points to 19.75 percent in August and Erdogan said the downward trend was likely to continue.

“The monetary policy board will meet on Thursday,” said the Turkish president, who often criticizes high interest rates and calls for lower borrowing costs to boost economic activity. I think interest rates will fall further.”

“With falling interest rates, inflation is also falling,” he said in a speech in the northwestern city of Eskişehir. You will see.”

Last year, Turkey’s central bank raised interest rates to 24 percent to curb the lira’s fall and inflation, which has fallen since October when it hit 25 percent, the highest in more than 15 years.

The lira lost about 30 percent of its value against the dollar last year in developments described by Erdogan as an economic war against Turkey.

“After the attacks on the currency last August, the balance of operation that we have implemented successfully continues,” he said. We are back to growth.”

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