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

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

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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