Turkey's President Recep Tayyip Erdogan has criticized the activities of the country’s Central Bank.
Turkish president said that despite the fact that he recommended lowering interest rates, Turkey's Central Bank increased the refinancing rate, the Turkish media reported.
Earlier, Erdogan criticized the country’s banking sector for "insufficient contribution" to economic development. He said that the Turkish authorities don’t want to damage the activities of the financial sector, but banks should also pursue an acceptable policy of interest rates and credit conditions.
"We have the right to expect banks to contribute to the further strengthening of the country,” Erdogan said.
“However, instead of lowering interest rates, banks use deposits as an enrichment tool. I am confident that the Central Bank will take decisive steps on this issue,” he added.
