Erdoğan promises more interest rate declines, despite inflation fears

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Turkey stands primed to keep on sinking its prime interest rate, Turkish President Recep Tayyip Erdoğan said on Monday, once again swimming against the tide of accepted economic theory. There is no reason for anyone to worry about interest rates being raised, Erdoğan said in his address. This is despite the country suffering from significant inflation, which most economists say can only be brought under control with interest rate hikes. May’s month-on-month inflation rate stood at 73.5%. The increase in prices is mostly attributed to Turkey’s ultra-loose monetary policy, which makes it easy fo…

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