Ad Home

GRID_STYLE
TRUE

Classic Header

{fbt_classic_header}

Ad

Breaking News:

latest

Turkey Central Bank Will ‘Do The Right Thing,’ Governor Says

Kemal Kilicdaroglu / Adem Altan/AFP. Turkey’s central bank will do “the right thing” when it meets on interest rates on October 21, Governor...

Kemal Kilicdaroglu / Adem Altan/AFP.
Turkey’s central bank will do “the right thing” when it meets on interest rates on October 21, Governor Sahap Kavcioglu said, speaking after a rare meeting with the country’s main opposition leader on Friday.

“We will work with the technical team until October 21 and make a decision by analyzing the data and developments,” Kavcioglu told reporters in Ankara. No one should doubt that the bank will “make the right decision,” the governor said. A roughly $35 billion increase in the central bank’s foreign exchange reserves over the past seven months shows the institution’s strength, Kavcioglu said.

Three central bank officials who were dismissed earlier this week by President Recep Tayyip Erdogan “were there when the rate was cut and there when it was raised,” Kavcioglu said. It wouldn’t be right to “seek for something” behind the firings, the governor added.

Speaking separately after the meeting, Kemal Kilicdaroglu, leader of the Republican People’s Party, urged President Erdogan to “respect the central bank’s institutional identity.” Erdogan, a defender of the theory that high rates cause inflation, should leave interest rate decisions to “qualified people,” Kilicdaroglu said.

No comments