Erdogan Ends Rates Truce, Decrying Central Bank's `Wrong Path'
- President reiterates his unorthodox views on inflation, rates
- Speech stops short of calling for an immediate rate cut
Recep Tayyip Erdogan speaks in Ankara, on Nov. 17.
Photographer: Adem Altan/AFP via Getty Images
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Turkish President Recep Tayyip Erdogan signaled an end to his uneasy truce with the new central bank chief, attacking the institution now run by Governor Murat Cetinkaya for its repeated revisions to economic targets and “wrong path” to tackle soaring inflation.
“They say central banks are independent so we shouldn’t interfere. This is the end result because we haven’t interfered,” Erdogan said in a speech on Friday in Ankara. “Results speak for themselves.”