Turkish president calls on central bank to cut interest rates

Turkish President Recep Tayyip Erdogan on Friday called on the Central Bank of Turkey to cut interest rates despite a sharp decrease in oil prices.

"High interest rates is the biggest obstacle against investments," Erdogan said at a meeting with a group of Turkish businessman in the capital of Ankara.

The Turkish Central Bank is "making no headway on this issue," while other countries tend to decrease interest rates, Erdogan said.

"What are you waiting?" Erdogan asked, adding that "if necessary, I will summon them and discuss it."

The remarks of Erdogan came three days ahead of the central bank's monthly monetary policy committee meeting during which its interest rates will be discussed.

Turkey's economy has grown three times during the past 12 years and "our target is to grow three times until 2023," so we need the increasing of investments and employment, Erdogan added. Endit