Baku, Azerbaijan, April 5
By Rufiz Hafizoglu – Trend:
Turkey’s President Recep Tayyip Erdogan has criticized the activities of the country’s Central Bank, the Turkish media reported April 5.
Despite the fact that Erdogan recommended lowering interest rates, the Central Bank of Turkey increased the refinancing rate, according to the Turkish president.
Earlier, the Turkish president criticized the country’s banking sector for "insufficient contribution" to economic development.
According to him, the Turkish authorities don’t want to damage the activities of the financial sector, but banks should also pursue an acceptable policy of interest rates and credit conditions.
"We have the right to expect banks to contribute to the further strengthening of the country,” Erdogan said.
“However, instead of lowering interest rates, banks use deposits as an enrichment tool. I am confident that the Central Bank will take decisive steps on this issue,” added the Turkish president.
In February 2015, Erdogan said that he was dissatisfied with the work of the head of the Central Bank, after which in April 2016, the head of the Central Bank of Turkey was replaced.