Turkey’s Erdogan: rates have fallen, inflation will also fall

Turkish President Tayyip Erdogan said in his victory speech on Sunday that inflation was the most urgent issue for the country, but said it would also fall, following the policy rate that was cut to 8.5% from 19% two years ago.

“We are designing an economy focused on investment and employment, with a finance management team that has international reputation,” Erdogan told his supporters at his palace in Ankara.

Erdogan extended his two decades in power in elections on Sunday, winning a mandate to pursue increasingly authoritarian policies which have polarised Turkey and strengthened its position as a regional military power.

(Reporting by Ece Toksabay and Huseyin Hayatsever; editing by Diane Craft)