Economist: We are putting payment systems in very serious danger

Economist Ali AGAOGLU stated that it had become difficult to make financial decisions in Turkey and said, ”We are putting paying systems in very serious danger in the environment where we have compressed loans so much.”

Although the Central Bank lowered the policy interest rate, complaints that the sector was experiencing great difficulties increased when the Banking Regulation and Supervision Agency (BRSA) imposed restrictions on the use of credit to stop the growth of foreign exchange.

The President of the Union of Chambers and Commodity Exchanges of Turkey (TOBB) said that some banks did not give loans at all, while others gave loans with interest between 30 percent and 50 percent and had discussed the issue with the authorities.

Ali Ağaoğlu, who stated that MB would reduce the interest rate to a single digit in the “Chance Conversations” with Hakan Güldağ at Dünya (newspaper), said that it had become difficult to make financial decisions.

Ağaoğlu said: “Unfortunately, it does not make it easier for us to make investment or financial decisions just by lowering interest rates. Restrictions have been imposed since the beginning of the year with the perception that TL credit will go to foreign currency. In the environment where we squeeze loans so much, we are putting paying systems in very serious danger. In the future, trade may stop or cause very, very serious crises. Is this what we want? If it’s just to control the currency rate, this is a little strange.”

SOURCE: diken.com.tr/ekonomist-agaoglu-odeme-sistemlerini-cok-ciddi-tehlikeye-atiyoruz/