Erdoğan, opposition in debate over interest rates as core inflation hits 13.5-year highs
ABD Merkez Bankası Fed'in bu yıl faizlerde daha hızlı faiz artırımına gidebileceği beklentisi gelişen ülkelere yönelik baskı yaratıyor. Her ne kadar diğer gelişmekte olan ülkelerde etki sert hissedilmese de, TL'deki değer kaybının arkasında bu neden de yatıyor. Yeni başkan Donald Trump'ın politikalarının 20 Ocak'ta netleşmesinin ardından Fed'in marttaki toplantısında faiz artışı gerçekleşebilir.
A new debate on interest rates has been stirred between President Recep Tayyip Erdoğan and main opposition Republican People’s Party (CHP) leader Kemal Kılıçdaroğlu, as official data showed on Oct. 3 that Turkey’s core inflation rose to 13.5-year highs in September.
Core inflation, which excludes energy, food and other volatile prices, rose to 10.98 percent year-on-year in September, the highest level since February 2004, data from the Turkish Statistics Institute (TÜİK) showed.
The data also showed that headline inflation rose to 11.2 percent, its third-highest level this year.
While the Central Bank has vowed to stick to a tight monetary policy, Erdoğan - who has described himself as an “enemy” of interest rates - has called for lower rates to boost credit growth and spending.
“We still have not been able lower inflation. This is due to interest rates,” Erdoğan said in a speech to deputies from his ruling Justice and Development Party (AKP) in Ankara, after the data was released.
His comments once again prompted concern that the Central Bank is less than independent. The Bank last month left its highest policy rate, known as the late liquidity window, unchanged for the third straight meeting.
“Why are you interfering with the Central Bank’s business? The Central Bank is constantly urged to decrease interest rates. Who appointed the Central Bank president? It wasn’t me. It was you,” Kılıçdaroğlu said, referring to the government and Erdoğan at his party’s weekly parliamentary meeting.
“If the Central Bank head does not do what he needs to do, you can make him step down rather than always making complaints,” he added, accusing the government of being the main actor of the so-called “interest rate lobby.”