ANKARA, Turkey (AP) — Turkish President Recep Tayyip Erdogan, long a proponent of cutting interest rates, now supports his advisers’ economic plan that includes raising rates, a member of his economic team said Thursday.
In a theory that runs contrary to traditional economic thinking, Erdogan has long pressured Turkey's central bank governors to lower rates.
After winning reelection in May, however, Erdogan appointed a new economic team, including two accomplished bankers, signaling a turn to more conventional policies.
Political Cartoons View All 1146 ImagesIn recent years, Erdogan fired three central bank governors for failing to fall in line with his rate-cutting policies.
"We will continue with the tightening process with all our means until we reach a significant improvement in inflation," Erkan said.
Persons:
Recep Tayyip Erdogan, Erdogan, ”, Mehmet Simsek, Merrill Lynch, Hafize Gaye Erkan, Erkan, “
Organizations:
Bank
Locations:
ANKARA, Turkey, Turkish, San Francisco