Turkish Prime Minister Recep Tayyip Erdogan said the banking industry “needs to be warned” as it gets rich by selling money.
Real interest rates “will fall and must fall” in Turkey and banks and industry should cooperate for development of the economy, Erdogan said in a speech to representatives of the clothing industry in Istanbul today.
Erdogan is seeking a third term in office at parliamentary elections on June 12. The central bank is keeping interest rates at a record low of 6.25 percent after cutting them twice in December and January, and is seeking to curb loan growth by increasing banks’ reserve requirements
For more: Erdogan Says Banks Get Rich Selling Money, Rates Will Fall - Businessweek
