Turkey's Tayyip Erdogan stands by opposition to high interest rates
Updated : August 13, 2018 07:15 AM IST
Speaking to supporters in Trabzon on the Black Sea coast, Erdogan dismissed suggestions that Turkey was in a financial crisis like those seen in Asia two decades ago, dampening expectations of a rate rise to support the currency.
The Turkish lira has lost about 40 percent of its value this year, largely over worries about Erdogan's influence over the economy, his repeated calls for lower interest rates in the face of high inflation, and worsening ties with the United States.
On Sunday, he said the lira's free-fall was the result of a plot and did not reflect Turkey's economic fundamentals.
Have you signed up for Primo, our daily newsletter?
It has all the stories and data on the market, business, economy and tech that you need to know.
THANK YOU! You made our day. See you every morning
YOUR EMAIL IS ON ITS WAY. Check your inbox for future updates.
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more