Erdogan Calls on Turkey’s Central Bank to Increase Foreign Reserves, According to Reuters

ISTANBUL – Turkish President Tayyip Erdogan stated on Thursday that the central bank should strive to increase its foreign reserves to a minimum of $165 billion. He also urged financial institutions to lower interest rates for home loans to approximately 9 percent.

During a speech addressed to the heads of chambers of commerce and stock exchanges at the presidential palace in Ankara, Erdogan criticized high interest rates as burdensome. He has consistently emphasized that Turkey’s economy remains robust following last month’s failed military coup and has long promoted the idea of reducing interest rates.