ISTANBUL: Turkish President Tayyip Erdogan said on Saturday the country is fighting an economic war against those "squeezed" it in "the devil's triangle of interest and exchange rates and inflation" for many years.

Erdogan, a self-described enemy of high interest rates, has said they cause high inflation, and has repeatedly called for lower borrowing costs.

Turkey's lira has lost around 30 percent of its value this year, and economists expect the central bank to continue hike rates after a 200 bps hike last month. Erdogan's remarks over interest rates put the bank under pressure to keep them on hold, despite market expectations.