May 13 2018

Erdogan says Turkey has taken steps on interest rates

Turkish President Recep Tayyip Erdogan said his government has taken measures on interest rates.

Erdogan, speaking to reporters prior to a visit to the United Kingdom, said government officials had met earlier this week and taken steps including reducing interest rates at state-run banks and to draw capital back into the financial system.

The Turkish lira hit a record low of 4.37 against the dollar prior to Tuesday’s meeting. It then strengthened on anticipation that the central bank would raise interest rates to stem the slide in the currency.

“We have taken our measures,” Erdogan told reporters.

The lira ended Friday at 4.31 per dollar.

Erdogan is due to meet with investors at Bloomberg and Chatham House in London during the visit, when investors are expected to question him further on the government’s economic policy.

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