Turkish President Recep Tayyip Erdogan said on Monday that his country does not need increases in interest rates, but it needs to increase investments, enhance the pace of employment, production and exports, and achieve a surplus in current transactions.
Erdogan’s comments come following Turkey’s central bank unexpectedly cut interest rates by 100 basis points to 13% last week.
The decision is in line with the Turkish president’s unconventional policy of cutting interest rates despite rising inflation.
Erdogan stressed that inflation in Turkey is very high, reaching 80% in July, describing this as “sad.”