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Turkish President Recep Tayyip Erdogan said on Monday he would never support a rate hike and “never back down from it”, repeating his support for recent interest rate cuts that have caused the lira to plummet.
NTV quoted Erdogan as telling reporters during his return flight from a visit to Turkmenistan that the recent exchange rate fluctuations were not based on economic grounds and that Ankara was ready to provide the necessary support to boost investments, specifically through state banks.
The TV channel also quoted him saying that he had not changed his opinion that interest rates were causing inflation, adding that he expected inflation to drop before the elections scheduled for 2023.
Data from the Bank of England revealed on Monday that mortgage approvals in Britain fell last month to their lowest level since June 2020, in the latest sign of slowing housing market activity after the end of the tax exemption on home purchases.
The Bank of England said banks approved 67,199 mortgages in October, below all expectations of economists polled by Reuters and down from 71,851 in September.
Other surveys indicated a slowdown in the number of homes on the market, which pushed home prices to new record levels.
Bank of England data also showed that unsecured consumer lending rose by 706 million pounds ($941 million) after repayments, the largest net increase since July 2020 and driven mostly by credit card spending.
The annual Harmonized Index of Consumer Prices (HICP), the European Central Bank’s preferred gauge of inflation, rose to 6.0% from 4.6% in October, compared to analysts’ estimate of 5.4%. MoM, the HICP was up 0.3%, above consensus expectations for a 0.5% drop.
