Turkey president urges CB to cut interest rate

Erdogan says central bank must cut interest rates as oil prices continue to fall.

Turkey president urges CB to cut interest rate

World Bulletin/News Desk

Turkey's Central Bank must cut interest rates as oil prices continue to fall, said President Recep Tayyip Erdogan on Friday.

Erdogan was speaking in the presidential palace in Ankara during a meeting with representatives from the Young Businessmen Confederation of Turkey.

"Oil prices have come to $45 from $106-110. The comments say that it will be around $45 per barrel in 2015 and 2016," said Erdogan, adding that the positive situation caused by low oil prices should be reflected onto Turkey’s citizens immediately.

"What are you waiting for?" exclaimed Erdogan.

The central bank’s monetary policy committee is due to meet on Jan. 20.

In its last meeting in December, the central bank decided to hold the benchmark interest rate at 8.25 percent, short-term borrowing at 10.75 percent and overnight borrowing rate at 7.5 percent.

"All over the world the interest rate goes up but Turkey," Erdogan said, adding: "The Central Bank is independent, but so am I.

"I have to say this as the president of the country and I will call them to discuss this if necessary."

 

Last Mod: 16 Ocak 2015, 16:46
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