Erdogan Warns Bank Resistance to Interest Cuts Could Be Treason

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  • Banks reduce monthly mortgage rate to less than 1 percent
  • Banks must lower mortgage rates to 9% from about 13.7% average

Erdogan Pressures Banks to Lower Interest Rates

Turkish President Recep Tayyip Erdogan ratcheted up pressure on the nation’s banks, saying he would consider resistance to his calls to cut mortgage rates as an act of treason.

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