Erdogan Promises Period of Economic and Legal Reform in Turkey

President Recep Tayyip Erdogan vowed to start a period of economic and legal reform, after an overhaul of Turkey’s economic leadership saw the lira rally more than 10% against the dollar this week.

The government’s top priority is to bring the inflation rate down to single digits as soon as possible, Erdogan said on Friday in televised comments from Tekirdag province. The president also said he will prioritize new legislation to improve basic human rights, including the protection of property rights.

Erdogan sparked expectations of an interest-rake hike after the replacement of both the central bank chief and his son-in-law as finance minister. The central bank’s rate-setting committee is expected to raise the benchmark rate to 15% from 10.25% on Nov. 19, according to the median estimate in a Bloomberg survey of 19 analysts.

©2020 Bloomberg L.P.

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