Turkish President Tayyip Erdogan stood by his opposition to high interest rates on Sunday despite sharp falls in the currency, saying the lira’s weakness did not reflect the country’s economic realities. 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 …read more
Source:: Yahoo Finance
