Turkish President Erdogan: Will boost employment and growth with lower interest rates

Joel Frank Independent Analyst

Turkish President Recep Erdogan, speaking on State TV in Turkey, said that he will boost investment, employment, growth and production by lowering interest rates on Tuesday. Interest rates are the cause and inflation is the result, he continued, adding that he thinks economic growth in 2021 will be about 10%. Hopefully we will soon see inflation falling too, he added.

Market Reaction

USD/TRY has not seen a reaction to Erdogan's remarks in recent trade, but did on Tuesday rally back to record highs in the 13.50 area, despite most other EM currencies appreciating versus the US dollar on the day.

Author

Joel Frank

Independent Analyst

Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

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