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Turkey Doesn’t Need Interest Rate Hikes, President Erdogan Says

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Turkey’s leader ruled out interest rate hikes for the economy, speaking after a surprise rate cut by the central bank last week amid inflation accelerating to just shy of 80%.

“What Turkey needs is not a rate hike but an increase in investment, employment, production, exports and current account surplus,” President Recep Tayyip Erdogan said in Ankara on Monday, speaking after chairing a cabinet meeting. Turkey would set its economic policy based on its own interests and needs, he added.