Abdurrahman Kaan, President of the Independent Industrialists' and Businessmen's Association (MÜSİAD), made a written assessment of the interest rate cut decision announced by the Central Bank of the Republic of Turkey.

Kaan stated the following in his statement:

Following the Central Bank's decisions in July and September, market expectations were already that interest rate cuts would continue. In this context, we, as representatives of the business community, are very pleased with this 250 basis point reduction implemented by the Central Bank in line with market expectations.

However, we believe that the Central Bank should continue its interest rate reduction process in 2020. Among the G20 countries, where the average interest rate is 6%, we have the highest interest rate after Argentina.

We also hope that this decision will be quickly reflected in market interest rates and expect all banks, public and private, to heed market expectations and take steps to provide relief to industrialists.

The 1.5% contraction in the economy in the second quarter of the year was driven by a 22.8% decline in investments. With the decline in interest rates, investments will accelerate again; in addition, domestic demand, which has declined over the last two quarters, will return to positive levels. Therefore, we can say that the Turkish economy will resume its positive growth journey in the coming period.