Rifat Hisarcıklıoğlu, President of the Union of Chambers and Commodity Exchanges of Türkiye (TOBB), has urged banks to reflect interest rate cuts on small and medium-sized enterprises (SMEs).
Commenting on the Central Bank of Türkiye’s (TCMB) interest rate decision, Hisarcıklıoğlu highlighted that the policy rate was lowered by 2.5 percentage points, bringing it down to 42.5%. He also noted that the total reduction over the past three months amounted to 7.5 percentage points.
Taking to social media, Hisarcıklıoğlu pointed out that banks had quickly adjusted deposit rates in response to the cuts but had not reduced commercial loan rates at the same pace.
“Banks Should Lower Commercial Loan Rates Without Delay”
Addressing banks directly, Hisarcıklıoğlu stated:
“What are banks waiting for to lower commercial loan rates? We expect them to prioritize reducing SME loan rates, supporting production, investment, and employment.”
Additionally, he criticized the restrictions on commercial loan growth, arguing that they increase costs, limit supply, and contribute to inflationary pressure. He called for a review of growth limitations, particularly for SME loans, to boost economic activity.
Source: Bloomberght/ Prepared by: İlayda Gök