Turkey’s Erdogan says will keep cutting interest rates ‘as long as I am in power’

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Turkish President Recep Tayyip Erdogan vowed on Saturday that the central bank would continue to cut its policy interest rates every month for as long as he stayed in power, after it surprised markets by cutting rates twice in the last two months.

“As long as this brother of yours is in this position, the interest will continue to fall with each passing day, each passing week, each month,” he told a rally in the western province of Balikesir.

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Inflation has surged since November last year, as the lira slumped following cuts to the policy rate by the central bank, in an unorthodox easing cycle long sought by Erdogan.

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