Turkey, Economy

Turkish president slams interest lobby, credit agencies

Recep Tayyip Erdogan says credit rating agencies try to drive Turkey into a corner

11.05.2018
Turkish president slams interest lobby, credit agencies Turkish President Recep Tayyip Erdogan delivers a speech as he attends Ceremony at Union of Chambers and Commodity Exchanges of Turkey (TOBB) Conference Hall. in Ankara, Turkey on May 11, 2018. ( Cem Öksüz - Anadolu Agency )

Ankara

By Diyar Guldogan

ANKARA

Turkey’s president on Friday blasted the interest rate lobby and international credit rating agencies for trying to derail the country's economy.

"We’re not interested in Turkey's enemies, who are hiding behind currency rate speculators, the interest rate lobby, or credit rating agencies. These are not our concern," Recep Tayyip Erdogan said at the Turkish Union of Chambers and Commodity Exchanges (TOBB) Conference Hall.

Erdogan said they tried to drive Turkey into a corner while using the country's production, employment rate, and exports.

He added that some are working to paint the fluctuations in the global economy as signs of impending doom.

Erdogan also criticized the international credit rating agency Standard & Poor's, saying it has no authority to evaluate Turkey.

On May 2 S&P downgraded Turkey's sovereign credit rating from BB/B with a stable outlook to BB-/B.

The president again touted Turkey's banner economic growth last year of 7.4 percent.

"We are aware that Turkey cannot grow only with its existing resources... Thus, we need to attract international investors to our country and encourage our investors to make new investments," Erdogan said.

He added that Turkey should aim for double-digit economic growth.

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