Erdoğan, top officials discuss high interest rates

DAILY SABAH
ISTANBUL
Published

Cemil Ertem, chief economy advisor to President Recep Tayyip Erdoğan, announced that a meeting on interest rates and investments was held last evening with Erdoğan as chairman. He said that some decisions were made about reforms during the meeting.

During a televised interview on TRT Haber, Ertem said that interest rates should come to investable levels.

Explaining that meetings on interest rates and investments will continue, Ertem said: "It is very clear that interest dynamics will not fall as a result of decisions to be made by authorities. It is a situation that needs to be formed within the dynamics of the economy and the requirements of markets. During last evening's meeting, decisions were made on reforms."

According to Ertem, interest rates will decrease in 2018, which will be a year of direct investments.

"We think that the Treasury should take steps to lower interest rates this year and will do that, as well. All institutions, especially public banks, should act with this sensitivity," he added.

He said that they are conducting studies so that the Treasury can provide new opportunities to banks through an innovative approach in 2018.

"We will create such a competitive market where the banking system will support the real economy."

According to Reuters, Prime Minister Binali Yıldırım, Deputy Prime Minister Mehmet Şimşek, Central Bank Governor Murat Çetinkaya, public bank managers and bureaucrats attended the economic consultation meeting. The meeting also addressed steps to be taken toward credit expansion, inclusive growth, export growth and growth through reforms and investments.

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