Turkish President Recep Tayyip Erdogan has expressed a major change in his fiscal policy by announcing support for his new economic team's decision to raise interest rates significantly to fight runaway inflation.
Erdogan clearly indicated that he currently supports raising interest rates, stressing in a televised speech announcing Turkey's new economic program, that "in the medium term we will reduce inflation to single digits with the support of tight monetary policy." "We have no doubt about achieving our goals."
The Turkish Central Bank deliberately raised the interest rate to almost three times what it was, to 25 percent.
Source (Al Khaleej Emirati Newspaper, Edited)
