No turning back from low-interest rates model: President Erdoğan

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President Recep Tayyip Erdoğan speaks at the Justice and Development Party's (AK Party) congress in Rize province, northeastern Turkey, Feb. 15, 2021. (AA Photo)

President Recep Tayyip Erdoğan on Wednesday said there is no turning back from the model that will get the country out of the trap of the exchange rate, inflation and interest rates by lowering rates.

Turkey could not have neared double-digit growth rates had it pursued high interest rate policy, Erdoğan said.

“This may carry political risks, but it is for our nation’s best interest,” he noted.