Erdogan Blesses New Economy Team But Says Rates View Is Same
- New appointments suggest Turkey is poised to revamp policies
- Turkish president says he remains ‘same’ in approach to rates
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Turkish President Recep Tayyip Erdogan said he’s giving his new economic team more leeway in altering policy, a concession that at least briefly opens the way for a shift from years of unconventional measures that stoked an inflation crisis.
The lira reversed losses for the day and Turkish bank stocks soared after Erdogan made his first public comments on monetary policy since installing Finance Minister Mehmet Simsek and central bank Governor Hafize Gaye Erkan. In remarks reported by the state Anadolu Agency among others, Erdogan signaled his backing for the two key appointees but without renouncing his preference for ultra-low interest rates.