Turkish president condemns bank for raising interest rates

Turkish president condemns bank for raising interest rates

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President Erdogan

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 today, 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.

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