May 9, 2018 / 4:47 PM / 6 months ago

Turkey agrees to take measures to ease interest rates and exchange rates -Presidency

ANKARA, May 9 (Reuters) - Turkish President Tayyip Erdogan and members of the government’s economic team agreed to take measures to ease interest rates at a meeting on Wednesday, the presidency, comments unlikely to assuage investor concerns about double-digit inflation.

“Necessary measures will be taken to decrease the pressure of interest rates and exchange rates, and in turn battle more effectively with inflation,” the presidency said in a statement.

News that Erdogan had called the meeting had bolstered the lira currency on Wednesday, raising expectations that an extraordinary tightening of monetary policy could be on the agenda. The lira weakened immediately after the announcement, although it was still slightly firmer on the day. (Reporting by Tulay Karadeniz and Tuvan Gumrukcu; Writing by Ezgi Erkoyun; Editing by David Dolan)

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