Turkish President Recep Erdogan said on Wednesday that volatility in markets will stop eventually. Moreover, Erdogan said that the price hikes stemming from rising energy costs would soon stabilise and asked Turks to be patient and trust the government over the new economic model. The current price hikes in Turkey, he added, are being caused by greed and higher import prices. 

Market Reaction

The lira has not reacted to the latest batch of comments from Turkish President Erdogan, where he reiterated his support for his unorthodox monetary policy where he pressures the CBRT into rate cuts.