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Turkey’s Erdoğan expects interest rates to fall further: report

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Turkish President Recep Tayyip Erdoğan said on Monday he hopes market interest rates will fall further in order to make investments in the country easier, Reuters reported.

Speaking after a cabinet meeting, Erdoğan said the Turkish banking sector’s short forex position did not pose a risk and that the non-performing loan ratio was at a sustainable level.

Turkey’s lira weakened again on Monday after touching a record low last week, slipping 0.4 percent as the central bank continued to raise borrowing costs via backdoor channels and expectations grew for more decisive action to turn things around.

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