Union of Chambers and Commodity Exchanges of Turkey

“Nobody wants high interest rates”

23.01.2015 / Davos

Hisarcıklıoğlu stated that, as the Turkish business community, they’ve always complained about high interest rates, stressing the need to lower the interest rates of all small, medium and large businesses in Turkey.​

In Davos, B20 Turkey and TOBB President M. Rifat Hisarcıklıoğlu conducted an interview with Kanal 24 over the phone.


Hisarcıklıoğlu stated that the possible results of the decision by the Swiss Bank were being discussed; security problems, social problems of a rapidly growing middle class, national protective measures in regards to trade, regional cooperation agreements and the fall of petroleum prices to 50%.


Hisarcıklıoğlu stated that the European Central Bank’s decision has been met with uneasiness and that they are in a wait and see situation, “Of course there are views for or against negative or positive impacts. These are being discussed. This is, of course, a platform for exchanging views, not solutions. This is an occasion in which to meet face to face and discuss issues.”


Stating that they have always found interest rates to be too high as the Turkish business community, Hisarcıklıoğlu said, “All establishments in Turkey – small, medium and large – would prefer to have the interest rates lower. Because nobody wants to pay high interest or feel the pressure of inflation created by interest.


However, the decisions made by central banks are being discussed by academicians. There are those who view the developments in a positive light and there are those who view the 0.5 base lowering as positive but insufficient. These discussions are ongoing here as they are everywhere else.”

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