Erdogan To Boost Employment By Lower Interest Rates

Speaking on State TV in Turkey on Tuesday, Turkish President Recep Erdogan said that he will boost investment, employment, growth and production by lowering interest rates.

Interest rates are the cause and inflation is the result, he continued, adding that he thinks economic growth in 2021 will be about 10%. Hopefully we will soon see inflation falling too, he added.

USD/TRY has not seen a reaction to Erdogan’s statements in recent trade, but on Tuesday was back to record highs in the 13.50 area, despite most other emerging markets’ currencies appreciating versus the US dollar on the day.