The Banks Association of Turkey said, on Saturday, that Finance Minister Noureddin Nabati briefed the union, the Banking Regulatory and Supervision Authority and directors of state banks on the new economic model with low interest rates set by the government, after the lira plunged to record levels.
The lira reached a new low of more than 17 against the US dollar the day before yesterday, Friday, after fears of an inflationary spiral caused by the policy escalated. President Recep Tayyip Erdogan New in the face of high prices.
“Our banks will continue to use their resources to meet the financial needs of families and the real (transaction) sector within the free market mechanism,” the Federation of Banks said in a statement.
In a related context, Turkey’s largest business group called on President Erdogan to abandon his monetary policies to save the lira, which has plunged to unprecedented record levels against the major currencies.
The continuous decline of the lira comes after the Central Bank announced a new interest rate cut within the framework of President Erdogan’s economic program.
The dollar has more than doubled in value this year against the lira, disrupting the large emerging market economy.
The central bank cut the interest rate by 100 basis points, in line with expectations, bringing the rate of cut that began in September to 500 points, which reduces the attractiveness of the currency to investors and depositors.
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