11/29/2021, 12:39 PM (Source: TeleTrader)
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Erdogan still insists rate hikes behind record inflation

Turkish President Recep Tayyip Erdogan insisted on Monday that he would never compromise on increasing interest rates due to his stance that high rates are behind the country's record inflation.

As quoted by Turkish TV channel NTV, Erdogan once again defended rate cuts saying that inflation is expected to decline by June 2023, when the general election is scheduled to take place.

The dollar gained 3.37% against the Turkish lira at 12:38 pm CET, selling for 12.73760. The dollar has strengthened more than 71% against the lira since the start of the year, and stands just off the record high seen earlier in November.

Baha Breaking the News (BBN) / ND