Turkish President Recep Tayyip Erdogan said the central bank needs to reverse current policy and borrowing costs must come down. The lira pared gains.
While the Federal Reserve is moving closer to lowering interest rates, “the policy rate in my country is 24%, this is unacceptable,” Erdogan said in Istanbul at a meeting with foreign journalists on Thursday. “That is why we will come up with a definitive solution in short time because Turkey needs to reverse its current interest rates policy very cautiously.”
