Turkey’s presidential adviser Ertem said on Tuesday President Recep Tayyip Erdoğan stated his view on reducing interest rates and that it will happen when the market and necessary conditions are realized. “Interest rates will not fall on command, they will fall after necessary conditions are provided. The Central Bank of Turkish Republic has the independence to use its tools when necessary,” Ertem said. Turkey’s presidential adviser said Erdoğan’s emphasis on interest rate is not specifically about the Central Bank meeting on June 7 and he thinks rates should be reduced as general target. Last month, the Turkish central bank raised its key interest rate by 75 basis points, citing elevated inflation levels. Erdoğan regularly criticizes higher interest rates and is supportive of policies that create quick economic growth.
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