TESK President Palandöken: Interest Rate Cuts Should Be Quickly Reflected to Citizens

Critical Statement from TESK

Chairman of the Turkish Confederation of Tradesmen and Craftsmen (TESK) Bendevi Palandöken evaluated the 100 basis point interest rate cut made by the Central Bank of the Republic of Turkey (TCMB).

Interest Rate Cuts Essential for Economic Confidence

Palandöken emphasized that interest rate cuts should immediately reflect on citizens' financial products such as credit cards, noting that this would increase confidence in the economy.

Should Be Felt in Spending Items

Palandöken stated that the current increases in food, housing, health, and education expenditures can only be balanced by interest rate cuts, and economic relief cannot be achieved unless these are felt. He expressed that there are many who ask, “The Central Bank cut interest rates, but why aren’t we feeling it?” and added that tradesmen are also not benefiting sufficiently from these cuts.

Important Responsibilities for Banks

Emphasizing that the fight against inflation requires a collective effort, the TESK President stated that banks play an important role in this process. He underscored that the benefits of the interest rate cut should be reflected to citizens the very next day, saying, “Almost a week has passed, but there has been no direct convenience or discount step from the banks to the citizens.”

The Importance of Social Trust

In conclusion, Palandöken highlighted that it is crucial for everyone to fulfill their responsibilities to establish social trust.