04.11.2016 Manama / Bahrain
The Union of Chambers and Commodity Exchanges of Turkey (TOBB) President M. Rifat Hisarcıklıoğlu reported that the Union has reached an agreement with Denizbank to provide SMEs with credit with under 10% annual interest rates and that negotiations with other banks is also under way. Hisarcıklıoğlu state that annual commercial credit interest rates, which reached 18%, will fall to 9.9%.
Following the 2nd
TOBB-FGCCC Business and Investment Forum in Manama, Bahrain, Hisarcıklıoğlu
answered journalists’ question.
In reply to a
question regarding the banking and real sectors’ condition, Hisarcıklıoğlu
reported that indicators of recovery have been observed in the economy in the
months of May and June as well as a significant drop in the rates of dishonored
cheques, however there has been unease following the coup attempt of July 15th.
Stating that the
Turkish economy has shown that it exceeds all expectations, Hisarcıklıoğlu drew
attention to the fact that there have been 2 elections in the last year and a
half while the fight against terrorist organizations such as PKK and DAESH are
still underway, on top of which the coup attempt took place; despite all this,
public administration did not falter.
Pointing out the
strength of the banking system in Turkey, Hisarcıklıoğlu stated that
uninterrupted production in factories are a source of trust in the country’s
economy.
Hisarcıklıoğlu said,
“One of the most important indicators here is the fact that shops were open,
banks continued operations directly after the coup attempt of July 15th;
there was no crisis, nobody withdrew their money from the banks. This is an
indication of how strong both the people and the economy are.”
- “We are seeking ways to lower interest rates”
Hisarcıklıoğlu,
answering another question, stated that they view the efforts of the Prime
Minister Yıldırım in meeting with the finance sector to lower credit interest
rates.
Pointing out that
President Erdoğan has urged this for a long time, Hisarcıklıoğlu said, “TOBB
has reached an agreement with Denizbank to provide SMEs with credit with under
10% annual interest rates and that negotiations with other banks is also under
way. Hisarcıklıoğlu state that annual commercial credit interest rates, which
reached 18%, will fall to 9.9%. We are planning to kick things off with the
Prime Minister, Economy Ministers and bank directors. The banking sector should
profit; we don’t begrudge them that. However, we are glad they have been
generous in lowering their profit in order to lower interest rates.”
- ATO elections
Hisarcıklıoğlu,
addressing the election process in the Ankara Chamber of Commerce (ATO)
following the resignations, reported that 4 interim board members have been
assigned by TOBB as per its legislation as the number of board members has
dropped below 6.
Reporting that once
affairs are put in order, ATO will be heading towards new elections,
Hisarcıklıoğlu said, “Their duty is to ensure that work goes uninterrupted and
to conduct elections.
As TOBB President, I
have not been involved in any elections of our 365 members. I’ve never held the
view that I should intervene with the workings of chambers in their elections.
In the last 2 terms, despite being a delegate of ATO, I’ve not voted.”
Hisarcıklıoğlu
emphasized that democratic elections will be held as a part of the Chamber’s
own internal processes.
- “We are cleaning our own house”
Hisarcıklıoğlu said
in regards to a question on the ongoing fight against FETO/PDY and the access
of suspect companies to finances, Hisarcıklıoğlu said:
“For instance, a
company with a 2% partner who was being investigated for FETO involvement would
not be able to receive credit. A regulation to address the doubts the banking
system may have in regards to these situations. We will observe the
normalization process of credits together.”
Reporting that in the
fight against FETO, 29 chamber chairpersons have been replaced and 424 council
members have resigned, Hisarcıklıoğlu said, “We are cleaning our own house with
the least possible disturbance to the public.”