It’s appear that the President Recep Tayyip Erdogan wade into the Turkish central bank’s policies, noting that he was determined that interest rates will return to single digits.

In fact, Erdogan’s notes in a nationally televised address came after two weeks that the arrest of market-friendly central banker Naci Agbal after just four months on job.

Agbal had increased the main interest rate to 19 percent to help tame inflation, which is a policy opposed for a long time by Erdogan. Furthermore, the new central banker, Sahap Kavcioglu, is a former presiding party lawmaker who accepts the Erdogan’s unorthodox view that said that higher interest rates induce inflation instead of slowing it down. Erdogan stated: God willing, we will reduce interest rates to single digits and then further lower this number. We are determined.

Erdogan dislike high interests

Erdogan always dislike the high interest’s rates, and his pressure on the central bank to keep them low has been one of the key areas of anxiety for foreign investors. Erdogan considered the high rates as mother and father of all evil.

Indeed, Central bank governors hold their next policy gathering on April 15. Erdogan also assured to reduce inflation to single digits.

Moreover, official data issued on Monday indicated that annual inflation had mounted to 16.2 percent in March, which created more pressure on Kavcioglu.

The central bank targets annual inflation of 9.4 percent this year.