Turkish President refuses to raise interest rates

Recep Tayyip Erdogan, Turkey's president, has refused to raise interest rates.

Turkish President Recep Tayyip Erdogan stated that he will follow the teachings of his religion, that interest rates will not be raised. Turkish currency, the Lira, is depreciating, and in these conditions, the Turkish President has been requested to increase the interest rates, to which he responded that interest rates will not be raised.