Erdogan Says Turkey Will Persist With Single-Digit Rates
This article is for subscribers only.
Turkish President Recep Tayyip Erdogan signaled the country will stick with an ultra-loose monetary policy approach of single-digit rates, after the central bank slashed borrowing costs.
The central bank this week said it’s ending its monetary easing cycle as it lowered the benchmark to 9% from 10.5%. It has been defiant against this year’s trend of global tightening as many central banks raise interest rates to tackle soaring inflation.