June 19, 2018 / 6:52 PM / 8 months ago

Turkey's Erdogan says interest rates need to fall for investment

FILE PHOTO: Turkish President Tayyip Erdogan addresses his supporters during an election rally in Ankara, Turkey, June 9, 2018. REUTERS/Umit Bektas/File Photo

ANKARA (Reuters) - Turkish President Tayyip Erdogan said on Tuesday interest rates had to come down to bring investment into the country, two weeks after Turkey’s central bank raised interest rates for a second time in two weeks.

“If we are going to strengthen investors, we have to do it through low interest rates,” Erdogan told a meeting in southern city of Adana.

Turkish central bank raised its policy rate by 300 basis points on May 23, then by another 125 basis points on June 7.

Turkey holds parliamentary and presidential elections on June 24.

“(The bank) raised rates 3 points, then another 1.5 points. They are telling me I shouldn’t talk about this before the election. Why wouldn’t I? I have to speak the truth, so we can reach the truth.”

Reporting by Ece Toksabay; Editing by Gareth Jones

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