Interest rates will be lowered further, Turkey’s finance minister says

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Turkish President Recep Tayyip Erdoğan (L) and Treasury and Finance Minister Berat Albayrak Berat Albayrak. AFP PHOTOS

Turkey will see a downward trend in interest rates in the coming days, the country’s finance and treasury minister said on Tuesday, according to the Hürriyet Daily News.

Turkey has enjoyed strong policy success over the past year, Berat Albayrak said at a press conference in the capital of Ankara.

“We will close the year with inflation below New Economic Program targets,” he said, referring to plans to put inflation below 15.9 percent by the end of 2019.

Turkey’s inflation in June was 15.72 percent, according to the national statistical institute.

Albayrak said the Turkish economy would enter a more positive period by the second half of the year.

Over $10 billion in foreign investment has entered Turkey since May, he said.

“The Turkish economy will grow positively this year,” he added, although the latest central bank poll forecasts a contraction.

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