Adil Pelister Comments on Central Bank's Interest Rate Cut Decision

Adil Pelister, Chairman of the Board of İKMİB, issued a written statement regarding the Central Bank's interest rate cut decision announced yesterday. Pelister stated the following in his statement:

"The Central Bank's reduction of the policy rate by 325 basis points, lowering it from 19.75% to 16.50%, is an extremely positive step for our exporters and the Turkish private sector.

Following the tight monetary policies pursued in parallel with the stabilization process in the economy, the interest rate cut moves from the TCMB are also strengthening the position of chemical exporters in the global trading arena.

Particularly in the last six months, the downward trend in inflation and positive indicators in the economy demonstrate that markets are returning to normal conditions. Given the financial costs borne by industrialists and our exporters, we expect public and private banks to reciprocate this positive move from the Central Bank.

We believe that along with lower financing costs and reduced deposit rates, credit rates should be lowered promptly and access to financing should be facilitated.

With a reduction in the financing cost burden on the real sector and industry, we expect export momentum to continue accelerating." he said.