Turkey’s lira slides after Erdogan says wants greater economic control

Erdogan said in a Bloomberg Television interview in London that he plans to take greater control of the Turkish economy following his upcoming election as Turkey’s executive president. Particularly, Erdogan plans to force Turkey’s central bank to lower interest rates as he demonstrates that he is “a president who is effective in monetary policies.” Erdogan’s comments prompted the lira to hit another record low, falling to 4.3990 against the dollar and bringing the Turkish currency’s losses to more than 13 percent this year, Reuters reports.

 

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