Turkish Prime Minister Tayyip Erdogan said Turkish banks should offer loans at lower interest rates to entrepreneurs to boost investment, a move he said would reduce inflation. Erdogan, who described himself as an enemy of interest rates, said high inflation caused by high interest rates and he repeatedly called for lower borrowing costs.
Concerns about Erdogan's grip on monetary policy and the central bank's ability to fight inflation have been fueled by political pressure to push the Turkish lira down 33 percent this year.
The Turkish central bank raised interest rates by 6.25% in September to 24% to stop inflation and support the Turkish lira.
Inflation was 25 percent in September, the highest level in 15 years, data showed.
