In favor of single-digit interest rates Erdogan: “By the grace of God we will reduce them”
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To see them interest rates Turkish President Tayyip Erdogan, who has repeatedly spoken out against high interest rates, wants his country to become “single digits” from the current 19%.
“By the grace of God, we will reduce interest rates to become single digits”, Erdogan stressed in his speech before his party’s parliamentary group. “We are determined,” he pointed out on Tuesday (6/4) as broadcast by the Athens News Agency.
THE Erdogan, which supports a growth fueled by cheap credit, has always opposed high interest rates. He describes them as “fathers and mothers of all evils” and claims, contrary to classical economic theories, that they favor inflation.