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Erdogan says Turkey’s rate cuts to go on

Erdogan US sanctions

Photo: File

ISTANBUL — Turkish President Recep Tayyip Erdogan said on Friday that rate cuts would go on in his country, adding he would not allow Turkish people to be “crushed” by high-interest rates.

Speaking in Turkey’s western province of Izmir, Erdogan said his government would not give up its economic policies that focus on production, employment, and current account balance.

The Turkish central bank has cut its benchmark policy rate by 400 basis points since August to 15 percent, leaving the Turkish currency in a free fall against the U.S. dollar.

“These rates will go down. We will not allow our people or farmers to be crushed under high-interest rates,” Erdogan noted.

The Turkish currency lira has lost about 40 percent of its value this year against the U.S. dollar, while the annual inflation hit almost 20 percent in October.

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