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Erdogan vows to cut rates to support investors ahead of vote

Erdogan vows to cut rates to support investors ahead of vote
Erdogan vows to cut rates to support investors ahead of vote

 


(Bloomberg) — Turkish President Recep Tayyip Erdogan on Saturday reiterated his call for the central bank to continue reducing borrowing costs, while urging investors to benefit from cheap loans from state banks in the hope of boosting growth before next year's elections.

Erdogan is stepping up pressure on the central bank to cut borrowing costs even further. Last month, he urged the bank to cut its benchmark rate to below 10% by the end of the year, from 12% currently. Treasury and Finance Minister Nureddin Nebati, speaking to Turkish CNN television on Friday evening, said Turkey would take steps to keep interest rates at single digits, as demanded by the president.

Turkey's finance chief promises single-digit interest rates

With less than nine months before the presidential and legislative elections, Erdogan has gone full throttle to grow the economy and create jobs by demanding that the central bank reduce borrowing costs, arguing that inflation, which hovers at above 80%, will be tamed over time.

As long as your brother is in this position, interest will continue to decline every day, every week, every month, Erdogan said during a speech in the western province of Balikesir. Let the investor come and apply for a loan from our state banks. We will not let them be crushed by tariffs. Investing does not come with high interest rates.

The central bank will hold its next scheduled Monetary Policy Committee meeting on October 20.

Erdogan, who has long argued that cutting interest rates leads to lower inflation, has fired three consecutive central bank governors over the past four years over disagreements over the appropriate level of interest rates.

Turkey's new economic model refuses to believe that the policy interest rate should be higher than inflation to curb price rises, Nebati told Turkish television CNN, accusing previous policymakers who worked with Erdogan of prevent the president from implementing this economic model. I think and believe the same way as the president and I am determined to continue, he said.

More stories like this can be found at bloomberg.com

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