Istanbul Chamber of Commerce Calls on Banks to Cut Loan Interest Rates

Istanbul Chamber of Commerce President Şekib Avdagiç reiterated his expectation that banks will lower loan interest rates in parallel with the Central Bank of the Republic of Turkey's rate cuts.

Call for Interest Rate Cuts to Banks

Istanbul Chamber of Commerce (ICC) President Şekib Avdagiç reiterated his call for banks to lower loan interest rates. Avdagiç stated that they expect banks to quickly fulfill their statements regarding reducing loan interest rates in parallel with the Central Bank's 300 basis point rate cut.

Contraction in the Construction Sector

Recalling that the construction sector contracted by 1.9 percent, ICC President Şekib Avdagiç stated that a clear slowdown in investment appetite has been observed and investments grew by only 0.6 percent in the second quarter.

Recovery Process in Industry and Exports

Emphasizing that the recovery of the industry and the closing of the loss in exports in the second quarter are promising, Avdagiç noted that the sustainability of this recovery depends on investments regaining momentum.