Turkish economy minister calls for major interest rate cut

Published 07.04.2016 00:00
Updated 07.04.2016 00:32

Economy Minister Mustafa Elitaş said that it is time for the Central Bank of the Republic of Turkey (CRBT) to turn the global crisis into an opportunity by radically reducing interest rates to pave the way for business. Elitaş paid a visit to The Hague, the Netherlands to hold a series of official talks. He commented on topical issues during a meeting with journalists.

In response to a question regarding his expectations concerning the CRBT's interest rate policy in the upcoming period, Elitaş said the central bank estimates that inflation will pursue a downward trend by June.

Referring to inflation realized at 7.46 percent in March, Elitaş said that it would be for the good of inflation if fruit and vegetable prices fall with the disappearance of seasonal impacts and the decline in raw materials prices. He said: "It is time for the CRBT to get rid of the 2001 syndrome, base interest policy on a real system and make a move to turn the global shrinking into an opportunity." He further said that the central bank should radically reduce interest rates to pave the way for business so that Turkey can increase its share in global trade volume over its current 1 percent.

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