Erdogan to Turkey’s Central Bank: Nice Rate Cut, Do More Please
President says lower rates needed to get credit to business
Oct 5, 2016 1:45 PM ET
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Originally posted on Bloomberg.com
By John Micklethwait and Ben Holland
Turkey’s central bank did the right thing by cutting interest rates this week and it should continue to do so, President Recep Tayyip Erdogan said.
“I believe it will be beneficial to continue this steadily,’’ Erdogan said in an interview Thursday in New York, hours after policy makers cut their overnight lending rate for a seventh straight month.
The president described the move as “careful and balanced,’’ and said the country’s commercial lenders should absorb the message and lower their own borrowing costs. That’s the best way to make credit available to entrepreneurs, extend Turkey’s seven-year streak of uninterrupted economic growth and slow inflation, Erdogan said.
