French bank BNP Paribas voices commitment to Turkey

LONDON - Anadolu Agency

French banking giant BNP Paribas has no intention of pulling out of Turkey, the chair of the bank said on Sept. 14.

“Turkey is a great country, it’s a great economy,” Jean Lemierre told CNBC in an interview during the annual Singapore Summit.

Asked whether the bank was considering pulling out of Turkey, Lemierre said: “We should calm down all these comments. Turkey is great. They face difficulties; I hope and I’m sure they know how to face the difficulties.”

Lemierre also said the Turkish Central Bank raising interest rates was a “right move” and “a bold, serious, and an extremely important decision.”

“Turkey has to react, and they have reacted, and I think they have taken the right measures at a time when the currency was weaker and weaker,” he added.

On Sept. 13, the Turkish Central Bank raised its one-week repo rate by 625 base points, from 17.75 percent to 24 percent.