Turkey's Erdogan vows to keep cutting rates to fight inflation if re-elected | CNN Business

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Turkey’s President Recep Tayyip Erdogan has promised to continue with his unorthodox policy of cutting interest rates to reduce sky-high inflation if he is re-elected on May 28

“Please do follow me in the aftermath of the elections, and you will see that inflation will be going down along with interest rates,” he told CNN’s Becky Anderson in an exclusive interview Thursday. Asked whether that meant there would be no change in economic policy, he replied: “Yes. Absolutely.” Erdogan, who is seeking to extend his 20-year rule, just failed to secure 50% of the votes cast in Turkey’s presidential race last Sunday.

“President Erdogan’s unexpectedly strong showing in Turkey’s presidential election on Sunday means that a return to orthodox policymaking looks as far away as ever,” James Reilly, an assistant economist at Capital Economics, said in a note on Monday. “As a consequence, the Turkish lira looks set to remain under serious pressure this year.” A likely victory for Erdogan on May 28 would lead to a continuation of low interest rates and high inflation, he added.

 

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