Erdogan to meet with head of Turkish Central Bank

Türkiye Materials 16 May 2018 15:50 (UTC +04:00)
Erdogan to meet with head of Turkish Central Bank

Baku, Azerbaijan, May 16

By Rufiz Hafizoglu – Trend:

Turkish President Recep Tayyip Erdogan will meet with Head of the country’s Central Bank Murat Cetinkaya, Turkish media reported May 16.

The meeting will take place May 16 in Ankara in the building of the Turkish ruling Justice and Development Party (AKP).

It is expected that the parties will discuss depreciation of the Turkish lira that has been observed over the past two weeks.

On April 5, Erdogan criticized the activities of the Turkish Central Bank.

The Turkish president said that despite his recommendations to lower interest rates, the Central Bank of Turkey increased the refinancing rate.

Earlier, the Turkish president criticized the country’s banking sector for "insufficient contribution" to economic development.

He said that 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 was replaced.

(4.4024TL = 1 USD on May 16)


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