Politics
Turkish President announces further interest rate cuts in 2025
ANKARA, Dec. 28 (Xinhua) — Turkish President Recep Tayyip Erdogan confirmed on Saturday that further policy rate cuts are expected in 2025, following the central bank's recent decision to cut its key interest rate by 250 basis points, at 47.5%.
“We will absolutely start lowering interest rates. The year 2025 will be a turning point for this effort,” Erdogan said during a meeting with members of his ruling Justice and Development Party (AKP). in Bursa, a town in the northwest of Trkiye.
Erdogan stressed that reducing interest rates would help curb inflation, saying: “Interest rates will decrease, which in turn will reduce inflation. Taking this step is now essential for us.”
He further emphasized that the main objective of the government's economic program is to quickly address the welfare losses suffered by citizens due to exchange rate fluctuations and inflation. “The priority of the program we are implementing is to control inflation,” he added.
On Thursday, Trkiye's central bank made its first rate cut in almost two years, lowering its benchmark interest rate by 250 basis points to 47.5 percent. The bank cited slowing inflation as the main justification for its decision.
The country has faced persistently high inflation in recent years, prompting a series of aggressive rate hikes from the central bank, which has raised its policy rate by a cumulative 4,150 basis points since mid- 2023.
Through these disinflationary measures, Trkiye managed to reduce year-on-year inflation from over 75 percent in May to 47.09 percent in November.
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