Erdogan slams Turkish central bank's rate hike

Business | 14 Sep 2018 6:57 pm

Turkish President Recep Tayyip Erdogan has reproached the central bank for sharply raising interest rates, saying the country would "see the results” of the bank’s independence.

The bank yesterday raised its key rate from 17.75 percent to 24 percent to stem a currency crisis. The move suggests it is re-asserting its independence despite pressure from Erdogan to keep rates low.

Addressing his ruling party’s officials today, Erdogan said: "Here you go, have your independence. We will see the results of the independence.”

Erdogan said that his "patience” with the bank would have its limits.

He repeated a claim that Turkey’s currency woes were part of a foreign conspiracy put into motion because Turkey did not "respond” to U.S. demands.

Washington is pressing Turkey to release a detained American pastor. -AP

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