ISTANBUL—Turkish President Recep Tayyip Erdogan says he stands by his opposition to high interest rates, amid sharp declines in the value of the lira, saying the currency’s weakness doesn’t reflect the country’s economic realities.
Speaking to supporters in Trabzon on the Black Sea coast on Aug. 12, Erdogan dismissed suggestions that Turkey was in a financial crisis similar to those seen in Asia two decades ago—damping expectations of a boost in rates to support the currency.
