Erdoğan plans shock measures to slow inflation

President Recep Tayyip Erdoğan has instructed his ministers to prepare urgent measures to bring inflation down, according to a report in Türkiye newspaper.

Erdoğan will meet with ministers in the coming days to discuss the measures, which will include steps to break price monopolies and lower interest rates, after internal polling by his Justice and Development Party showed living costs were voters' main concern, the newspaper said, without citing anyone.

Turkey's lira hit new lows against the dollar on Tuesday, spurred by double-digit inflation, political tensions with the United States and the central bank's reluctance to raise interest rates. The performance of the currency and stocks on the Istanbul exchange are diverging from other emerging market assets.

Erdoğan, who will make lowering inflation the government's primary goal next year, will also meet with bankers to discuss interest rates and boosting loans to the economy, Türkiye said.