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Erdogan Says He Accepts Steps Simsek and CB Will Take

TURKEY
  • “Some people should not be under the misconception that ‘the President is making a serious change in interest rate policies.’ I am the same. But we accepted that Treasury and Finance Minister would take steps rapidly with the central bank,” Yeni Safak cites Turkish President Erdogan as saying in an interview with journalists.
  • Erdogan said he conveyed his determination to the minister on reducing inflation to single digits.
  • “We worked with the theory of ‘low interest rates, low inflation’ then. I work with the same understanding now, I have the same idea and I believe that we can achieve this in this way” he said.
  • USD/TRY sees a slight downtick on that headline. The relatively steady path of USD/TRY in recent days has been evidence of the intention of state banks to rein in TRY depreciation after Simsek’s appointment as Treasury and Finance Minister increased the chances of a quicker adjustment higher in spot USD/TRY as part of the return to orthodoxy.
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