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Erdogan says interest rates will be lowered and inflation will fall too

EconomyJan 29, 2022 08:30AM ET

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Erdogan says interest rates will be lowered and inflation will fall too

© Reuters. FILE PHOTO: A vendor waits for customers at his stall in a street market in Istanbul, Turkey, January 4, 2022. REUTERS/Murad Sezer/File Photo

ANKARA (Reuters) - President Tayyip Erdogan repeated his unorthodox economic policy on Saturday, saying interest rates would be lowered further and inflation would fall as a result, days before inflation data for January is announced, adding Turkey's economic woes would pass.

Embroiled in a currency crisis fuelled by the central bank's move to slash rates by 500 basis points since September as part of an economic model engineered by Erdogan, Turkey saw December inflation soar to its highest level in Erdogan's 19-year rule.

A Reuters poll on Friday showed it is expected to hit a near 20-year high of 47% in January.

"You know of my battle with interest rates. We are lowering interest rates and we will lower them. Know that inflation will fall too then, it will fall more," Erdogan told supporters in the Black Sea province of Giresun.

"Exchange rate will stabilise and inflation will fall, prices will fall too, all of these are temporary."

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Comments (6)

Kg Rk Jan 30, 2022 12:09PM ET

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this man is no less the Gaddafi or Saddam Hussein wrapped in a Versace.. European version of disaster... look at his operation.. similar to the greatest dooms of the world.. Iraq Libya Pakistan Egypt.. Afghanistan.. n countless middle eastern or similar cultural institutions.. have no clue whatsoever.. their great book teaches economics too and this is how its supposed to work.. as per Turkish Standard .. Saudi is trying to or atleast pretending to get it's act together UAE is selectively Sane.. rest it's all in Vain

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Aleksandr Radchenko Jan 30, 2022 2:31AM ET

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this man is doing the right thing. on this planet, he is the only one who can save the world from nuclear war. I would like to be able to be by his side and help him in some way.

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caleb wong Jan 29, 2022 8:10PM ET

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gg edrogan

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Tyler Phillis Jan 29, 2022 11:29AM ET

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We get to watch a religous dictator attempt to circumvent an economic fact. Facts win, always. Turkey is in for more inflation and will eventually collapse.

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Roberta Garrett Jan 29, 2022 11:29AM ET

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I'm sure he also thinks that interest rates could be lowered further by forcing women to have more children. Sadly the brain drain has occurred in Turkey and the only ones left are hardliners.

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Chad RicherThanYou Jan 29, 2022 11:20AM ET

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The fed will never raise rates because they can’t

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secure us Jan 29, 2022 8:34AM ET

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he's clueless

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Engin Rençber Jan 29, 2022 8:34AM ET

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what should he do? print more $€£?. oh wait, he cant

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