Mandate Of Turkish Central Bank Should Be Rediscussed: Minister

Economy Minister of Turkey Nihat Zeybekci said on Friday that the mandate of the Central Bank of Turkey should be rediscussed. 



Speaking at a press conference, Zeybekci said that many central banks across the world have mandates to help stimulate growth, employment and foreign trade.



"Giving the responsibilities for such policy areas to the Turkish central bank should be discussed thoroughly." Zeybekci said.



"The central banks of many countries have responsibilities in growth, employment, foreign trade etc. as well as price stability"



For now, the Turkish central bank is considering only the monetary policy and price stability as is its mandate under law, Zeybekci said.  But this ignores all other aspects of economy, he added.



"I absolutely support the independence of Central Bank of Turkey on the condition of giving these responsibilities to the central bank." Zeybekci said.



Central bank governor Erdem Basci and his staff has been the target of severe criticism from government officials for maintaining high interest rates based on the inflation outlook.



Government officials and business associations see high interest rates as limiting growth. 



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