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Turkish president slams central bank's "insufficient" interest rate cutting

Xinhua, January 22, 2015 Adjust font size:

Turkish President Recep Tayyip Erdogan on Wednesday sharply criticized the central bank's "insufficient" 50 basis points cutting of a key interest rate.

"It is impossible for us to accept the decreasing level," said Erdogan, adding that "it seems that the bank doesn't get its share of the messages delivered."

If Turkey aims to attract more investment, this interest rate should be lowered more, Erdogan said.

Ahead of the bank's Monetary Policy Committee meeting on Tuesday, Erdogan voiced a sharp cut call in his statement on Friday. However, the bank cut slightly the policy interest rate from 8.25 percent to 7.75 percent.

"Even international experts says we need more decreasing," Erdogan said on Wednesday, adding that "I think this decreasing level is useless and the bank will not be out of criticism." Endit