Erdogan has stated that he intends to continue lowering interest rates as long as he remains in office

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Last Updated on October 8, 2022 by Bitfinsider

After the Turkish Central Bank startled the markets by lowering interest rates twice in the past two months, Turkish President Tayyip Erdogan made a promise on Saturday that the central bank would continue to drop its policy interest rates every month for as long as he remained in power.

At a rally in the western province of Balikesir, he addressed the crowd, “As long as this brother of yours is in this position, the interest will continue to continue falling with each passing day, each passing week, and each passing month.”

Since November of the previous year, inflation has been on the rise due to the falling value of the lira, which was caused by the central bank cutting the policy interest rate as part of an unconventional easing cycle that Erdogan has been seeking for a long time.

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