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Turkey Economy Minister Calls on Banks to Lower Interest Rates

  • Economy minister says interest rates on loans should fall
  • Turkish GDP growth to exceed 6% this year, 5.5% in 2018
Updated on

Turkey needs lower interest rates to sustain the rapid growth it posted in the first half of the year, Economy Minister Nihat Zeybekci said, calling on commercial banks to do their part to keep borrowing costs down.

The government will “sit down” with commercial lenders, the banking regulator and the central bank to explore why the gap between inflation and interest on commercial loans is so big, Zeybekci said Tuesday in an interview in Ankara.