Thursday, August 11, 2016

Turkish Banks Obey Erdogan’s Calls as Mortgage Rates Slashed - Bloomberg

Turkish Banks Obey Erdogan’s Calls as Mortgage Rates Slashed
Ercan Ersoy

Turkey’s banks are taking their orders from the top.

By Thursday at 7 p.m. in Istanbul, at least 14 lenders in the country announced they’d slashed interest charges on mortgage loans since President Recep Tayyip Erdogan said on Wednesday that resistance to lower borrowing costs could be "treason." The remarks were the harshest yet from Erdogan, who’s been pushing the nation’s central bank for several years to cut rates.

More:Turkish Banks Obey Erdogan’s Calls as Mortgage Rates Slashed - Bloomberg