ISTANBUL- Turkey risks cutting interest rates prematurely after President Tayyip Erdogan piled pressure on the central bank this month by calling for policy easing in July or August, Goldman Sachs said in a client note on Thursday.

But the Wall Street bank repeated its prediction that the key rate would not be lowered until the fourth quarter given inflation is expected to remain around 17% year-on-year by September before dipping, leaving the bank little option.

"The risks of a premature rate cut ... resurfaced once again following comments by President Erdogan on a potential rate cut in the summer and ... we think these risks cannot be ignored," wrote Goldman analysts Murat Unur and Clemens Grafe.

"The authorities may be inclined to change the policy mix towards growth (which) would imply risks of a weaker lira and higher inflation if it comes with increased lending or lower rates, rather than targeted fiscal measures."

Erdogan's comments on June 1 pushed the lira to an all-time low in the latest blow to the central bank's credibility. The bank's governor has since said worries of premature easing are unwarranted. 

(Reporting by Jonathan Spicer; Editing by Dominic Evans) ((jonathan.spicer@reuters.com; Reuters Messaging: jonathan.spicer.thomsonreuters.com@reuters.net @jonathanspicer))