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Turkey’s Erdogan says expressed rates concerns to central bank governor

Erdogan’s demands for a sharp interest rate cut to boost economic growth before a June election

Published: Updated:

Turkish President Tayyip Erdogan expressed his “sensitivities” about interest rates and economic output in a 2-hour meeting with the central bank governor, Erdogan’s office said on Wednesday.

Erdogan’s demands for a sharp interest rate cut to boost economic growth before a June election, although inflation remains high, have helped to send the lira to record lows.

“In the meeting that pointed to Turkey’s strong economic fundamentals, policies implemented in line with strong and balanced growth targets, as well as Mr. President’s sensitivities regarding interest rates and economic output were emphasized,” the statement said.

The statement, released after Erdogan's meeting with Central Bank Governor Erdem Basci, also said economic stability must be preserved in line with Turkey’s 2023 targets, when the country will mark its 100th anniversary.

Turkey aims to become one of the world’s 10 biggest economies by 2023 and to increase its GDP per capita to $25,000 from 2014’s $10,518.