9/28, 10:15 PM (Source: TeleTrader)
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Erdogan: Cutting interest rates will lower inflation

Turkish President Recep Tayyip Erdogan said on Wednesday the country's central bank will continue cutting interest rates and claimed such actions will lead to lower inflation.

The comments come after inflation in the country hit 80.10% in August, prompting the Turkish Central Bank to lower its benchmark one-week repo rate from 13% to 12% despite other central banks hiking rates in an effort to bring inflation down.

Following the latest rate cut, the Turkish lira hit a record low against the US dollar.

Baha Breaking News (BBN) / NP