Turkish lira will normalise soon, Erdogan says

ANKARA: Turkey's President Tayyip Erdogan said on Monday that an artificial inflation in exchange rates would normalise soon, after the Turkish lira hit record lows against US dollar and euro last week.

Speaking at an event in Ankara, Erdogan said he did not agree with other people's views on interest rates, and that he did not believe borrowing with high interest rates was correct.

The lira hit a record low of 3.9800 to the dollar and 4.7171 to the euro last week over investor concerns at Turkey's monetary policy and relations with Washington. At 1322 GMT, the lira stood at 3.9055 to the dollar and 4.6665 against euro.