Union of Chambers and Commodity Exchanges of Turkey

Following the 2^nd TOBB-FGCCC Business and Investment Forum in Manama, Bahrain, Hisarcıklıoğlu answered journalists’ question.

In reply to a question regarding the banking and real sectors’ condition, Hisarcıklıoğlu reported that indicators of recovery have been observed in the economy in the months of May and June as well as a significant drop in the rates of dishonored cheques, however there has been unease following the coup attempt of July 15^th.

Stating that the Turkish economy has shown that it exceeds all expectations, Hisarcıklıoğlu drew attention to the fact that there have been 2 elections in the last year and a half while the fight against terrorist organizations such as PKK and DAESH are still underway, on top of which the coup attempt took place; despite all this, public administration did not falter.

Pointing out the strength of the banking system in Turkey, Hisarcıklıoğlu stated that uninterrupted production in factories are a source of trust in the country’s economy.

Hisarcıklıoğlu said, “One of the most important indicators here is the fact that shops were open, banks continued operations directly after the coup attempt of July 15^th; there was no crisis, nobody withdrew their money from the banks. This is an indication of how strong both the people and the economy are.”

- “We are seeking ways to lower interest rates”

Hisarcıklıoğlu, answering another question, stated that they view the efforts of the Prime Minister Yıldırım in meeting with the finance sector to lower credit interest rates.

Pointing out that President Erdoğan has urged this for a long time, Hisarcıklıoğlu said, “TOBB has reached an agreement with Denizbank to provide SMEs with credit with under 10% annual interest rates and that negotiations with other banks is also under way. Hisarcıklıoğlu state that annual commercial credit interest rates, which reached 18%, will fall to 9.9%. We are planning to kick things off with the Prime Minister, Economy Ministers and bank directors. The banking sector should profit; we don’t begrudge them that. However, we are glad they have been generous in lowering their profit in order to lower interest rates.”

- ATO elections

Hisarcıklıoğlu, addressing the election process in the Ankara Chamber of Commerce (ATO) following the resignations, reported that 4 interim board members have been assigned by TOBB as per its legislation as the number of board members has dropped below 6.

Reporting that once affairs are put in order, ATO will be heading towards new elections, Hisarcıklıoğlu said, “Their duty is to ensure that work goes uninterrupted and to conduct elections.

As TOBB President, I have not been involved in any elections of our 365 members. I’ve never held the view that I should intervene with the workings of chambers in their elections. In the last 2 terms, despite being a delegate of ATO, I’ve not voted.”

Hisarcıklıoğlu emphasized that democratic elections will be held as a part of the Chamber’s own internal processes.

- “We are cleaning our own house”

Hisarcıklıoğlu said in regards to a question on the ongoing fight against FETO/PDY and the access of suspect companies to finances, Hisarcıklıoğlu said:

“For instance, a company with a 2% partner who was being investigated for FETO involvement would not be able to receive credit. A regulation to address the doubts the banking system may have in regards to these situations. We will observe the normalization process of credits together.”

Reporting that in the fight against FETO, 29 chamber chairpersons have been replaced and 424 council members have resigned, Hisarcıklıoğlu said, “We are cleaning our own house with the least possible disturbance to the public.”