Turkish President Tayyip Erdogan urged the central bank on Tuesday to continue s...
ISTANBUL/ANKARA - Turkish President Tayyip Erdogan urged the central bank on Tuesday to continue slashing interest rates, after it already cut by 1,000 points since July, saying both rates and inflation would hopefully hit single-digits next year.
A month ago, the bank signaled that its easing cycle was drawing to an end, a message that allayed concerns among investors and economists that government pressure would push it to go too far and risk weakening the lira. Weeks after taking the reins this summer, new Central Bank Governor Murat Uysal began an aggressive easing cycle in response to a slide in inflation, which hit 8.5% last month but is expected to rebound this month.
“Despite all the pressure, interest rates and inflation in Turkey are on the path to desired levels. By triggering each other, inflation and interest rates will hopefully permanently fall to single digits in 2020,” NTV quoted Erdogan as telling reporters on a return flight from Qatar. The bank’s next policy decision is set for Dec. 12, at which traders expect at least a 100-point cut, according to swap market pricing.
“It will face more and more lira pressure when rates go closer to single digits, but President Erdogan was clear about single-digit inflation and rates so it looks likely.”
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