Turkey's Erdogan hopes policy rate will come down to single digits by year-end

Turkey's President Tayyip Erdogan addresses the 77th Session of the United Nations General Assembly at U.N. Headquarters in New York City, U.S., September 20, 2022. REUTERS/Brendan Mcdermid/File Photo

ISTANBUL, Sept 28 (Reuters) - Turkish President Tayyip Erdogan on Wednesday said he hopes the central bank's monetary policy committee will deliver another cut to its policy rate next month and bring it down to single digits by year-end.

Erdogan, speaking in a televised interview with broadcaster CNN Turk, said Turkey aims to strengthen the lira by reducing interest rates.

Turkey's central bank unexpectedly cut its policy rate by 100 basis points twice in the past two months, lowering it to 12% despite inflation at more than 80% in August. An easing cycle at the end of last year, long sought by Erdogan, sparked a currency crisis.

Reporting by Ali Kucukgocmen; Editing by Mark Porter

Our Standards: The Thomson Reuters Trust Principles.