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Erdogan Pledges Rate Cuts in Bid for Pre-Election Economic Boost

  • Turkey’s president says rates will go lower from 9% currently
  • Erdogan says slowdown in inflation supports his rates policy
Recep Tayyip Erdogan on Feb. 1.
Recep Tayyip Erdogan on Feb. 1.Photographer: Adem Altan/AFP/Getty Images

Turkish President Recep Tayyip Erdogan pledged the nation will keep slashing its benchmark interest rates to shore up the economy ahead of a crucial reelection bid this year.

The remarks, which came Wednesday night in an interview with state broadcaster TRT, ramp up the odds that Turkey’s monetary authority reduces its key rate when it convenes on Feb. 23. Erdogan’s comments come less than two weeks after the central bank left the rate unchanged at 9%, injecting uncertainty into the path ahead.