Turkish economy minister says interest rates need to fall

17 Aug, 2015

ISTANBUL: Turkish Economy Minister Nihat Zeybekci said on Monday that interest rates needed to be lower, but he did not expect a move by the central bank in that direction.

Speaking at a meeting in Istanbul, Zeybekci said the plummeting lira was not a cause for concern given the nature of Turkey's overall debt structure, and warned against intervention, saying the market would reach its own level.

The lira hit a fresh record low of 2.8545 against the dollar on Monday, a loss of more than 18 percent so far this year.

Copyright Reuters, 2015

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