French bank BNP Paribas voices commitment to Turkey

French bank BNP Paribas voices commitment to Turkey

LONDON - Anadolu Agency
French bank BNP Paribas voices commitment to Turkey

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.

Turkish economy, BNP, Turkish Central Bank