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Economics

Turkey Slashes Interest Rate in Line With Erdogan’s Demand

  • Policy makers cut benchmark rate for fourth time in a row
  • Inflation is now running 17 times higher than official target
A mural of Recep Erdogan in Bursa. 

A mural of Recep Erdogan in Bursa. 

Photographer: Moe Zoyari/Bloomberg
Updated on

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Turkey’s central bank said it’s ending its monetary easing cycle, bowing to a call by President Recep Tayyip Erdogan to take interest rates into single digits by the end of the year.