Union of Chambers and Commodity Exchanges of Turkey

Hisarcıklıoğlu noted the following:

“The Central Bank's bold interest rate cut has boosted business morale.

The improvement in the inflation outlook, the improvement in the current account balance and the signals of global monetary expansion are strengthening the hand of the Central Bank.

Recently, there has been a moderate recovery in domestic economic activity due to interest rate cuts.

We hope that the gradual recovery in the economy will continue. But steps are needed to strengthen this process.

The Central Bank's decision to cut interest rates will reduce the funding cost and deposit interest rates of banks. So now it's the banks’ turn.

They should do their part and reflect this discount on credit interest as soon as possible. The recent decline in interest rates has not yet been adequately reflected in loan rates. This reflects on production, employment and investment decisions of our companies.

Now, a support for the growth of the economy should come from banks. Banks should lower their loan interest so that appetite for investment increases.”