Turkish President Recep Tayyip Erdogan has reproached the central bank for sharply raising interest rates, saying the country would “see the results” of the bank’s independence.
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The bank on Thursday raised its key rate from 17.75 percent to 24 percent to stem a currency crisis. The move suggests it is re-asserting its independence despite pressure from Erdogan to keep rates low.
Addressing his ruling party’s officials Friday, Erdogan said: “Here you go, have your independence. We will see the results of the independence.”
Erdogan said that his “patience” with the bank would have its limits.
He repeated a claim that Turkey’s currency woes were part of a foreign conspiracy put into motion because Turkey did not “respond” to U.S. demands.
Washington is pressing Turkey to release a detained American pastor.
