ISTANBUL – Speaking one day before a central bank interest rate-setting meeting, Turkish President Recep Tayyip Erdogan doubled down on an unorthodox economic stance, sending the nation’s currency to record lows.
Reiterating his view that high interest rates cause inflation, rather than the reverse as set forth by mainstream economic theory, Erdogan vowed to “lift the interest rate burden from citizens” in order to protect consumers during a speech to his party members Wednesday.
