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U.S. Markets

Turkey's inflation is a result of wrong central bank steps, Erdogan says

FILE PHOTO: Turkish President Tayyip Erdogan attends a news conference in Ankara, Turkey, August 14, 2018. REUTERS/Umit Bektas/File Photo

ISTANBUL (Reuters) - Turkey’s high inflation is a result of the central bank’s wrong steps and Turkey must lower interest rates, President Tayyip Erdogan said on Thursday, two hours before a central bank announcement which investors expect will hike rates.

Speaking to a traders’ confederation in Ankara, Erdogan said what Turkey is experiencing is not a crisis and repeated his belief that high interest rates cause high inflation.

Reporting by Tuvan Gumrukcu and Ece Toksabay; Writing by Ali Kucukgocmen; Editing by Dominic Evans

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