Turkey’s Erdogan says president needs to be effective in monetary policy: Bloomberg


ISTANBUL (Reuters) – Turkey’s Tayyip Erdogan said the winner of next month’s presidential election will have to show himself as effective in monetary policy and that the central bank should take note of what he says and act accordingly.

The President of Turkey, Recep Tayyip Erdogan, speaks at Chatham House in central London, Britain May 14, 2018. REUTERS/Henry Nicholls

In an interview with Bloomberg TV broadcast on Tuesday, Erdogan said the central bank was independent but it cannot set aside the signals given by the president as head of the executive once the switch to a presidential system is complete.

“It will make its evaluations according to this, take its steps according to this. And I believe this will result in very beneficial steps in the future,” he said.

“They will hold the president accountable. Since they will ask the president about it, we have to give off the image of a president who is effective in monetary policies,” he said.

His comments exerted fresh pressure on the lira TRYTOM=D3, which hit a record low of 4.3990 in early trade. It edged back to 4.3810 by 0511 GMT.

Erdogan also said that Halkbank (HALKB.IS) executive Mehmet Hakan Atilla, who was found guilty by a U.S. court of helping Iran evade U.S. sanctions, was innocent and saying otherwise meant saying Turkey was guilty.

Reporting by Nevzat Devranoglu; Editing by Daren Butler

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