Turkey Will Slow Inflation With ‘Tight Monetary Policy,’ Says Erdogan

Turkey will use “tight monetary policy” to slow inflation, President Recep Tayyip Erdogan said in Ankara on Wednesday.

(Bloomberg) — Turkey will use “tight monetary policy” to slow inflation, President Recep Tayyip Erdogan said in Ankara on Wednesday.

“With the support of tight monetary policy, inflation will be in single digits,” he said.

Erdogan’s comments mark a deviation from his previous arguments, in which he claimed that higher borrowing costs cause higher inflation.

The Turkish lira reversed losses against dollar after the president’s monetary policy comments and was up 0.1% as of 2:54 p.m. Istanbul time.

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