September 14, 2018 / 9:06 AM / in 7 months

Erdogan says Turkey not considering further fresh investments

FILE PHOTO: Turkish President Tayyip Erdogan attends a news conference in Ankara, Turkey, August 14, 2018. REUTERS/Umit Bektas/File Photo

ISTANBUL (Reuters) - Turkish ministries are reviewing investment plans and will not consider making further fresh investments, although investments which are 70-80 percent finished will be completed, President Tayyip Erdogan said on Friday.

In a speech to officials from his AK Party, a day after the Central Bank hiked interest rates by 625 basis points, Erdogan also said his patience with interest rates had limits. He called on Turks to convert all savings to lira, and said the private sector must not give up on production and investments.

Reporting by Humeyra Pamuk and Daren Butler; Writing by Dominic Evans; Editing by David Dolan

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