Turkey Economy Chief Says Economists Wrong as Rates Too High

Turkey’s government is pushing for more interest rate cuts, saying they’ll help to slow inflation even as economists and investors warn the opposite holds true.

Economy Minister Nihat Zeybekci said in an e-mailed statement today that the central bank’s main interest rates are higher than market expectations and must be brought down quickly to stop “cost inflation.” Consumer prices rose by an annual 9.3 percent last month, more than any economist forecast and nearly twice the pace targeted by the central bank.