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Turkish President Recep Tayyip Erdogan has insisted that his government opposes raising interest rates, as inflation in the country has reached its highest level in almost 25 years.
“This government will not raise interest rates. “On the contrary, it will reduce them.” Erdogan said during a televised address Monday after the Government meeting.
The Central Bank of Turkey, which is in principle an independent institution, will hold its next meeting on June 23rd to determine new policies.
But Erdogan’s statements come after official data showed that inflation in Turkey reached 73.5 per cent in May, the highest level since 1998.
Unlike economists, Erdogan is convinced that high interest rates drive inflation and do not curb it.
Turkey has been facing an economic crisis since last year when Erdogan, who faces elections next year, put pressure on the Central Bank to cut interest rates.
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