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Turkey’s Erdogan Shifts Tone to Signal Slower, Gradual Rate Cuts

Recep Tayyip Erdogan

Recep Tayyip Erdogan

Photographer: Gent Shullaku/AFP/Getty Images

Turkey’s President Recep Tayyip Erdogan said borrowing costs will fall slowly and gradually, pulling back from previous exhortations to cut quickly, in a shift of tone before the central bank’s interest rate meeting later this week. 

“The exchange rate, the interest rate, will fall slowly, gradually and without hurry” to make 2022 “our brightest year,” state-run Anadolu Agency on Tuesday cited Erdogan telling a group of reporters on his way back from Albania.