Erdogan Vows to Cut Rates to Support Investors Ahead of Vote

Turkey’s President Recep Tayyip Erdogan on Saturday reiterated his call on the central bank to further lower borrowing costs as he urged investors to benefit from cheap loans from state banks in the hopes of spurring growth ahead of elections next year.

Erdogan is mounting pressure on the central bank to further slash borrowing costs. Last month, he urged the bank to cut its benchmark rate to below 10% by year-end, from 12% currently. Treasury and Finance Minister Nureddin Nebati, speaking to CNN-Turk television in an interview late Friday, said Turkey will take steps to deliver single-digit interest rates as demanded by the president.