The government of Turkey rules out a rise in interest rates after the May 14 elections, declared today the Turkish Finance Minister Nureddin Nebati, who has said that the current executive will maintain its current policy of low rates in the event of an electoral victory. “Mr. President (Erdoğan) has made a promise to the electorate, and this includes that interest rates should not be increased… We will go ahead with a structure in line with this policy,” Nebati said during an interview on Habertürk. These words would thus reject the forecasts of many analysts, who consider that Ankara could return to a policy of high rates to curb inflation even at the cost of slowing down the growth of the Turkish economy. Throughout 2022, the Turkish Central Bank cut rates by 500 points, then lowered them again by half a point to 8.5% after the devastating earthquakes in Turkey.
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Pablo Gómez is a specialist in Turkey and has been editor-in-chief of Hispanatolia since 2011. He has been analysing current affairs and geopolitics in Turkey and the surrounding region since 2006.
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