THAT’S BECAUSE HE’S AN ECONOMIC ILLITERATE: Turkey’s high inflation is a result of the central bank’s wrong steps and Turkey must lower interest rates, President Tayyip Erdogan said.
High interest rates encourage people to make deposits or buy government bonds, reducing the amount of currency in circulation — which is anti-inflationary. This is basic Econ 101 stuff, which apparently isn’t a required class in Sultan School.