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BoE's Bailey says central bank independence clearly an issue in Turkey

Thu, 25th Nov 2021 18:12

LONDON, Nov 25 (Reuters) - Bank of England Governor Andrew
Bailey said on Thursday that the independence of Turkey's
central bank was clearly an issue and maintaining credibility
was critically important for the institution.

"I think that's an example where clearly independence ... is
an issue," Bailey said when asked by a student at a Cambridge
Union event about the decision by Turkey's central bank to cut
interest rates, a move defended by President Tayyip Erdogan
despite high inflation.

"I don't comment on other people's policies much but I'd say
it's an unusual combination in economics, certainly," he said.
"How you achieve credible policy is critically important not
just for today, but for the reputation and therefore in a sense,
the ability to make policy going forwards."

(Writing by William Schomberg, Editing by William Maclean)

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