Turkey’s PM in call for lower interest rates

City A.M. Reporter
TURKISH Prime Minister Tayyip Erdogan vowed yesterday to choke financial market speculators who he said were growing rich off the sweat of the people, and urged Turks to put their money in state not private banks.

Speaking at a series of rallies in the capital Ankara after a week of the fiercest anti-government demonstrations in years, Erdogan blamed a high-interest-rate lobby for causing volatility in financial markets and vowed to stop them.

"The lobby has exploited the sweat of my people for years. You will not from now on," Erdogan said to cheers from crowds of flag-waving supporters at Ankara airport.

"Those who attempt to sink the bourse, you will collapse. Tayyip Erdogan is not the one with money on the bourse ... If we catch your speculation, we will choke you.

“No matter who you are, we will choke you,” he said. Erdogan has repeatedly wanted lower rates.