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Erdogan Vows to ‘Deal’ With Interest Rates After Vote, AA Says

  • Turkish leader says current levels too high for investment
  • President asks for renewed mandate to fix the problem
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Erdogan Tightens His Grip on Turkey

President Recep Tayyip Erdogan urged followers to give him another five-year term in Sunday’s election so he can lower interest rates, adding to earlier vows to tighten his grip on monetary policy that rattled investors and sent the currency tumbling.

Lending costs are hovering around 25 percent and must be brought down to encourage investment, Erdogan told a group of businessmen in the southern province of Adana late Tuesday, according to state news agency Anadolu.