08.08.2019 Ankara
The Union of Chambers and Commodity Exchanges of Turkey (TOBB) President M. Rifat Hisarcıklıoğlu stated that they gratefully welcomed the lowering of interest rates by public banks following the Central Bank interest rates cut, “We expect to private banks to also lower their loan interest rates, thereby providing relief to the markets under these circumstances in which their costs have been lowered.”
After
the Central Bank Monetary Policy Committee (PPK) reduced the policy rate by 425
points, the business community, especially TOBB, called for lowering interest
rates on loans, and the public banks responded to these calls and lowered interest
rates below 1%.
Answering
the questions about the reflections of interest rate cuts on the market,
Hisarcıklıoğlu emphasized that they welcomed the support of the public banks answering
the call of the Central Bank following the interest rate cut.
Hisarcıklıoğlu
stated that they have begun to see the positive effects of these efforts in the
markets under the coordination of Treasury and Finance Minister Berat Albayrak,
“We are sure that we will see the net effect in production and growth figures
with the acceleration of the loan interest rate reduction process.”
- “We also expect the support of
private banks”
Stating
that they want private banks to support the interest rate reduction process, Hisarcıklıoğlu
said, “We expect our private banks to reduce loan interest rates and provide
relief to the markets in this environment where their costs have been lowered.”