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Nebati Says Interest Rates Shouldn’t Be Raised

TURKEY
  • If production and employment are prioritized, interest rates shouldn’t be raised, Treasury and Finance Minister Nebati told Daily Milliyet in an interview. “In the fight with inflation, if you move with very traditional policies and hit the brakes too hard, it would prevent the increase in exports, production, investment and employment that we’re proud of”, he said.
  • Citing data released by the central bank, Ekonomi report that the growth rate of commercial loans was 28.85% in January, outstripped by a growth rate of 65.65% in consumer loans in the same period.
  • Turkish capacity utilization fell slightly to 75.3% in January from 76.4% in December, while manufacturing confidence rose to 101.7 in January from 97.8 prior. President Erdogan will chair a National Security Council meeting at 1200 GMT/1500 local time.
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