Erdogan Says Only Traitors or Illiterates Link Rate to Inflation

President Recep Tayyip Erdogan spoke up against higher interest rates as a remedy for inflation a day after Turkey’s central bank opted to carry on with its ultra-loose approach, even as pressure builds on consumer prices and the lira.

“Those who try to impose on us a link between the benchmark rate and inflation are either illiterates or traitors,” Erdogan said on Friday in Istanbul, addressing a group of businesspeople. “Don’t pay attention to the ramblings of those whose only quality is in viewing the world from London or New York.”