Turkish President Tayyip Erdogan on Friday vowed to continue his opposition to interest rates, while saying Ankara was determined to press on with its current economic programme until all of its goals are achieved.
Speaking at a Global Islamic Economy Summit in Istanbul, Erdogan said work must be done to change and find alternatives to the interest rates-based economic system, adding that such a system cannot be viewed as legitimate.
Turkey had launched the programme to reverse the effects of Erdogan’s unorthodox views that interest rates cause inflation. Erdogan, a self-proclaimed “enemy” of interest rates, said that the programme was yielding positive results and that its end-goal was single-digit inflation.