ANKARA (Reuters) – President Tayyip Erdogan said on Wednesday Turkey will lower its inflation rate to “single digits” with the support of “tight monetary policy” as he presented new forecasts showing inflation was expected to rise to 65% by year end before dipping in 2024.
For years, Erdogan had openly opposed high rates. But he named a new cabinet and central bank governor in June to undertake a turnaround, and the bank has since hiked its policy interest rate to 25% from 8.5%.
(Reporting by Huseyin Hayatsever Ezgi Erkoyun; Writing by Jonathan Spicer; Editing by Daren Butler)
