14.01.2021 Ankara
The Union of Chambers and Commodity Exchanges of Turkey (TOBB) President M. Rifat Hisarcıklıoğlu said that the high loan interest rates imposed by banks recently have become one of the most important obstacles to production and investment, adding, “Banks are hindering growth, not supporting it, by increasing loan interests well above the increase in their costs.”
Hisarcıklıoğlu, who urged banks not to turn
their backs on the real sector, made the following statement:
“Recently, high loan interest rates imposed by
banks have become one of the most important obstacles to production and
investment. The level at which loan interest rates come in doesn't fit into the
low interest rate environment around the world and prevents our entrepreneurs
from standing up to global competition.
There are many businesses all over Anatolia
that work efficiently and properly. These companies, which contribute to
production, exports and employment, are the national wealth of our country and
must be protected.
Therefore, the financing burden on the real
sector should be reduced. Macroeconomic balances need to be observed in line
with a reasonable level of inflation and interest rates.
On the other hand, we expect a more responsible
approach to loan interest from banks. Banks that have difficulty in reducing
interest rates on time can move very quickly when it comes to interest rate
increases.
By raising loan rates much higher than the
increase in their costs, they are hindering growth, not supporting it. Banks
should end their habit of raising rates easily and stop thinking only focused
on their own incomes and do their part.
In addition, companies that lose income due to
the pandemic should take a more constructive attitude towards their loans. We
are in a period where the financial and real sector needs to better understand
each other by acting together to offer a better future for our country. During
this period, we must keep revenues and costs in moderation and support each
other.
I'd like to address our banks: Don't turn your
back on the real sector, don't always look to your own interests. Especially
carefully evaluate those who provide production, investment, exporters and
employment. Let's support and sustain our competitive companies and
entrepreneurs so that we can maintain our growth and export capacity and
increase them in a healthy way. So, let's stand up after the pandemic, again
and quickly, and not be left behind in the global race.”