Turkish President Recep Tayyip Erdogan has promised to lower the interest rate of the Turkish central bank after he deposed the previous president of the bank. Before the end of the year, inflation must also be considerably reduced in the year, Erdogan told Haberturk TV channel.

According to the latest figures, the price level in Turkey is 15 percent higher than last year. Erdogan wants to reduce this to between 0 and 10 percent within a few months.

A few weeks ago Erdogan fired the previous central bank president, Murat Cetinkaya, and replaced him with the central bank vice president, Murat Uysal. According to Erdogan, Cetinkaya refused to follow orders and the central bank did not function properly.

Cetinkaya kept the interest rate of the central bank at 24 percent since September last year in an attempt to dampen high inflation in the country.

But Erdogan wants interest rates to stay low to boost economic growth. He also thinks that low interest rates from the central bank will eventually lead to low inflation.

Central banks use low interest rates to boost the economy and therefore also inflation. For example, the European Central Bank has been trying to stimulate the economy for several years with a historically low interest rate.

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