Turkiye's economy expanded 7.5% in Q2

A currency exchange office seen in Istanbul, on 6 August 2020 [YASIN AKGUL/AFP via Getty Images]

Turkiye’s economy expanded 7.5 per cent annually in the second quarter of 2022, Reuters reports.

According to the report, President Recep Tayyip Erdogan’s new economic programme pushed the lira to end last year down 44 per cent against the dollar and shed another 27 per cent so far this year.

On the other hand, Turkiye’s Erdogan said last week that Turkiye does not need interest rate hikes despite high inflation rates. Turkiye’s inflation rate hit almost 80 per cent – a 24-year high – last month.

Turkiye’s central bank cited signs of a slowdown in the third quarter and shocked markets by cutting its policy rate by 100 base points to 13 per cent.

READ: US warns Turkiye of sanctions if business with Russia continues

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