Erdogan urges Turkey's central bank to raise foreign reserves

Economy

Turkish President Tayyip Erdogan said on Thursday the central bank should aim to raise its foreign reserves to at least $165 billion and urged lenders to reduce interest rates for home purchases to around 9 percent.

In a speech to the heads of chambers of commerce and bourses at the presidential palace in Ankara, Erdogan described high interest rates as oppressive. He has repeatedly said Turkey's economy remains strong in the wake of last month's failed military coup, and has long advocated lower interest rates.

Source by Reuters