Long opposed to rate cuts, Erdogan now backs plan that includes raising rates, minister says

ANKARA, Turkey (AP) — A top government official says Turkish President Recep Tayyip Erdogan supports his new economic team’s plan to increase interest rates to lower the country’s soaring inflation. Erdogan has long opposed raising interest rates, but appointed a new economic team after winning reelection in May. That signaled more traditional policies, including rate increases, to tame inflation. Many have questioned whether the team will retain Erdogan’s backing. Finance Minister Mehmet Simsek said there is “no hesitation” about Erdogan’s full support. The central bank chief said meanwhile, the tightening policy will continue until inflation improves significantly.