Tuesday 18 September 2018

Turkish president condemns bank for raising interest rates

The central bank raised its key rate from 17.75% to 24% to stem a currency crisis.

Turkey’s President Recep Tayyip Erdogan has criticised the central bank (Presidential Press Service via AP)
Turkey’s President Recep Tayyip Erdogan has criticised the central bank (Presidential Press Service via AP)

By Associated Press Reporter

Turkish President Recep Tayyip Erdogan has criticised the central bank for sharply raising interest rates.

He said the country would “see the results” of the bank’s independence.

The bank raised its key rate from 17.75% to 24% to stem a currency crisis.

Here you go, have your independence. We will see the results of the independence. Recep Tayyip Erdogan

The move suggests it is reasserting its independence despite pressure from Mr Erdogan to keep rates low.

Addressing his ruling party’s officials on Friday, Mr Erdogan said: “Here you go, have your independence. We will see the results of the independence.

Mr Erdogan said that his “patience” with the bank would have its limits.

He repeated a claim that Turkey’s currency woes were part of a foreign conspiracy put into motion because Turkey did not “respond” to US demands.

Press Association

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