Erdogan’s adviser says Turkey’s central bank will continue rate cuts

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Ankara | Published: May 26, 2016 4:21:36 PM

An aide to Turkish President Tayyip Erdogan said on Thursday the central bank would continue rate cuts to support growth and employment in the coming period, comments likely to fuel concern about central bank independence.

The central bank cut the top end of its interest rate corridor by 50 basis points on Tuesday. (Reuters)The central bank cut the top end of its interest rate corridor by 50 basis points on Tuesday. (Reuters)

An aide to Turkish President Tayyip Erdogan said on Thursday the central bank would continue rate cuts to support growth and employment in the coming period, comments likely to fuel concern about central bank independence.

The central bank cut the top end of its interest rate corridor by 50 basis points on Tuesday, as new Governor Murat Cetinkaya charts a dovish course amid cooling inflation and political pressure for lower rates.

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