TOBB also expects interest rate cuts from private banks
08.08.2019 / Ankara: The Union of Chambers and Commodity Exchanges of Turkey (TOBB) President M. Rifat Hisarcıklıoğlu stated that they gratefully welcomed the lowering of interest rates by public banks following the Central Bank interest rates cut, “We expect to private banks to also lower their loan interest rates, thereby providing relief to the markets under these circumstances in which their costs have been lowered.”
After the Central Bank Monetary Policy Committee (PPK) reduced the policy rate by 425 points, the business community, especially TOBB, called for lowering interest rates on loans, and the public banks responded to these calls and lowered interest rates below 1%.
Answering the questions about the reflections of interest rate cuts on the market, Hisarcıklıoğlu emphasized that they welcomed the support of the public banks answering the call of the Central Bank following the interest rate cut.
Hisarcıklıoğlu stated that they have begun to see the positive effects of these efforts in the markets under the coordination of Treasury and Finance Minister Berat Albayrak, “We are sure that we will see the net effect in production and growth figures with the acceleration of the loan interest rate reduction process.”
- “We also expect the support of private banks”
Stating that they want private banks to support the interest rate reduction process, Hisarcıklıoğlu said, “We expect our private banks to reduce loan interest rates and provide relief to the markets in this environment where their costs have been lowered.”