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  • 18-11-21

    Turkey’s president promises to eliminate interest rate issue

    (MENAFN) On Wednesday, the Turkish president stated that he would eliminate the interest afflication from the country.

    Recep Tayyip Erdogan expressed to his Justice and Development (AK) Party's parliamentary group meeting, “those who defend interest among our friends should not take offense. I cannot and will not be with the one who defends interest.”

    The president has supported reducing interest rates as means to enhance local economic development.

    A month ago, the Turkish Central Bank reduced its benchmark one-week repo rate, also referred to as the policy rate, by 200 basis points from 18 percent to 16 percent.

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