NEW YORK, (Reuters) – The cost of Turkey’s sovereign debt exposure jumped Tuesday. Turkey’s dollar denominated bond prices also fell a day following President Tayyip Erdogan’s promise to keep cutting interest rates.

Turkey 5-year credit default swaps added 17 basis points (bps) from Monday’s close to 736 bps, levels last seen during the global financial crisis in 2008, data from S&P Global (NYSE:) showed.

For most bonds, bond prices fell by over 1 cent. The September 2027 Bond was down 1.05 to 96.83. And the yielding 9.1%.

Erdogan spoke after a cabinet meeting and said that Turkey would not increase interest rates, but will continue to reduce them due to high living expenses.