Home » General World News » The Turkish lira dives after Erdogan calls for lower interest rates — stoking fears about central bank independence

The Turkish lira dives after Erdogan calls for lower interest rates — stoking fears about central bank independence





Turkish President Tayyip Erdogan makes a speech during a ceremony marking the second anniversary of the attempted coup at the Presidential Palace in Ankara, Turkey, July 15, 2018.

  • Turkish President Recep Erdogan on Thursday said interest rates are a “tool of exploitation” and called for low interest rates.
  • The Turkish central bank makes an interest rate decision today. It is meant to be independent but has been coming under increasing pressure from Erdogan.
  • Analysts say Turkey needs to raise interest rates to combat inflation, which is running at 16%.
  • Erdogan’s comments sent the Turkish lira down by as much as 3% against the US dollar.
  • Follow the Turkish lira in real time here.

The lira is tumbling against the US dollar on Thursday morning after Turkish President Recep Erdogan called for read more >>>

Source:: BusinessInsider.Com

Comments are closed.