Ankara: Amid the ongoing economic uncertainties in the global markets, Turkish President Tayyip Erdogan on Saturday vowed that the central bank would continue to cut its policy interest rates every month for as long as he stayed in power, reports Reuters. Turkish Central Bank has already cut the interest rates twice in the last two months, a move which has surprised the markets.
“As long as this brother of yours is in this position, the interest will continue to fall with each passing day, each passing week, each month,” President Erdogan told a rally in the western province of Balikesir, said Reuters.
Since November last year, inflation has gone up as the Turkish lira slumped following cuts to the policy rate by the central bank, in an unorthodox easing cycle long sought by Tayyip Erdogan.
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