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Turkish Lira sinks to fresh low after Erdoğan insists on interest rate cuts
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Turkey’s currency slumped on Tuesday to a fresh low against the dollar after Recep Tayyip Erdoğan signalled that he would not be deterred by rising inflation from cutting interest rates further.
The Turkish president, who had declared himself an “enemy” of high borrowing costs, said the four percentage point cut in interest rates this year to 15% would spur investment, increase job prospects and boost economic growth.
Erdoğan, portraying his economic policies as “an economic war of independence”, stated that his government would not step back from its policy of lowering borrowing rates to boost growth.
However, amid concerns that his unorthodox management of the economy was likely to deter investment and increase inflation above the 20% level
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