President Tayyip Erdogan announced on Friday that Turkey will reduce the interest rates, adding that the country is committed to its new economic policy, worsening the lira’s decline.
- Erdogan stated that he will not allow people to be adversely affected by high-interest rates and that he does not support the International Monetary Fund (IMF) and the World Bank.
- The Turkish President also stated that the country will continue with its new economic program that focuses on production, employment, and a current account surplus.
- The president was speaking in the Aegean coastal province of Izmir, where he attended a ceremony to give 596 houses and 145 stores to owners who had been affected by an earthquake last year.
Amid high volatility, the lira dropped to a record low of 13.45 against the U.S. dollar on Tuesday.
TRY USD down -3.53%
Source: Reuters
