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Turkey’s Erdoğan pledges more interest rate cuts next year

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President Recep Tayyip Erdoğan has pledged that the country’s interest rates would see a deeper cut in 2020, calling on businessmen around the world to invest in Turkey, the state-run Anadolu news agency reported.

“The doors of our banks are open to [all businessmen], and you can see how interest rates [are down],” Erdoğan said at a meeting of his Justice and Development Party (AKP) in Ankara on Wednesday.

President Erdoğan dismissed former Turkish Central Bank Governor Murat Çetinkaya in July due to a dispute over interest rates and appointed Murat Uysal, who has provided 1,000 basis points in rate cuts since then.

Global money managers usually criticize the Turkish government for interfering in the monetary decisions taken by the central bank.

“God willing, 2020 will be a year when interest rates see a deeper cut,” Erdoğan said.

The rate cuts are intended to increase public consumption and investment by allowing banks to generate money flow by offering loans at low interest rates.

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