Erdogan says Turkey ‘determined’ to cut interest rates

Erdogan says Turkey is committed to bringing inflation and interest rates down to single digits.

The Turkish government is determined to bring down interest rates and inflation to single digits, President Recep Tayyip Erdogan said, sounding more eager than his new central banker to lower borrowing costs. The Turkish president also said he intends to expedite his controversial plan to dig a strait bisecting Istanbul to bypass the busy Bosphorus Strait linking the Black and Marmara seas. “We are determined to bring inflation, which has recently accelerated, down to single digits,” Erdogan said, addressing lawmakers of the ruling AK Party in Ankara on Wednesday. “We are also determined to reduce interest rates to single digits.”