Business And Markets

Turkish Opposition Leader Tells Erdogan to Respect Central Bank

Turkish Opposition Leader Tells  Erdogan to Respect Central Bank
Turkish Opposition Leader Tells  Erdogan to Respect Central Bank

The leader of Turkey’s main opposition Republican People’s Party (CHP) Kemal Kılıcdaroglu visited the central bank on Friday, after which he called on the president to respect the institution’s identity.

“Please let competent people decide whether interest rates rise or fall,” Kılıcdaroglu said, Ahval News reported.

The call to President Recep Tayyip Erdogan came following Kılıcdaroglu’s meeting with central bank governor Sahap Kavcıoglu, accompanied with CHP Deputy Chairman for economic policy Faik Oztrak and secretary general Selin Sayek Boke.

Ahead of the meeting, the opposition leader had tweeted, “No more running rampant as you wish. We are here, we will fight.”

“Do not watch as the disgrace you caused oppresses the nation further, Erdogan, set up the Dark Winter Fund!” Kılıcdaroglu said.

The central bank’s independence is important for both Turkey and global financial markets, he added.

“I know who intervened with the central bank’s independence, and you know too,” he continued. “We know that it is Erdogan who gave an order to lower interest rates to a certain level.”

The Turkish lira has lost 18% of its value this year, and on Friday saw another record low of 9.24 per dollar in the day, the daily BirGun reported. The central bank had announced its predictions for the year-end for the lira as 9.22 per dollar.

The central bank’s reserves have neared $125 billion, and real reserves have increased by $35 billion in the last seven months, Governor Kavcıoglu told reporters after the meeting. “The increase in central bank reserves shows the strength of our country.”

Public statements that cause harm to the central bank “give us sorrow”, Kavcıoglu said. Speaking on Erdogan firing three of the bank’s officials on Wednesday, he said “some friends” could leave, and that the changes were a regular handing over of duties.

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