November 17, 2017 / 8:44 AM / a year ago

Turkey's Erdogan takes aim at central bank independence

ANKARA, Nov 17 (Reuters) - Turkish President Tayyip Erdogan said on Friday that investments in Turkey would come to a halt if interest rates remain high, and the current situation was a result of the government not intervening with the central bank.

“If you try to give loans with such high rates, of course investments will be hindered and halted... We lowered interest rates and inflation fell to single digits,” Erdogan told officials from his ruling AK Party in Ankara.

“They say, ‘The central bank is independent, so don’t interfere’. It is coming to this point because we aren’t intervening.”

The lira currency weakened to 3.9035 to the dollar following his comments. (Reporting by Orhan Coskun; Writing by David Dolan; Editing by Daren Butler)

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