Erdogan Backs Turkey Economy Plan But Repeats Distaste for Rates

Turkish President Recep Tayyip Erdogan reiterated his opposition to interest rates while endorsing the country’s orthodox economic program, which relies on high borrowing costs to curb inflation.

“I’ve fought against an interest-based economic system,” Erdogan said at an event on Islamic banking, which prohibits charging interest and endorses profit-sharing. He added that he would continue to express his “longing” for an interest-free economy.