Everybody can lobby for rates, currency: Başçı

ISTANBUL

Central Bank Gov Erdem Başçı has said every citizen has right to lobby CentraBank for its interests, speaking at the Financial Times’ Turkey Summit. AA Photo

Turkish Central Bank Governor Erdem Başçı has adopted a loose attitude towards “interest rate lobby” claims, as well as political pressure on the bank over its policies, saying “everybody has the right to make a lobby.”

“There are people who want low interest rates: loan borrowers. There are people who want high interest rates: savers. There are people who say ‘the [Turkish] Lira shall be high’: importers. There are people who want the lira’s value to be low: exporters. Therefore, every Turkish citizen has the right to lobby,” Başçı said while answering a question regarding the so-called “interest rate lobby.”

“Anybody can make a lobby in whatever direction they want, both for interest rates and the currency level. This is true for politicians as well,” he said.

The ruling Justice and Development Party (AKP) government has been actively vocal against high interest rates, which are blamed for hampering economic growth.

The government led by Prime Minister Recep Tayyip Erdoğan has increased its pressure on the bank to reduce interest rates.