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#Turkish president slams high interest rates

President Recep Tayyip Erdogan said people in Turkey paid some of the world's highest interest rates, something which had to change soon. He said the overnight interest rate reached 7,500 percent after Turkey’s economic crisis of 2001. The Turkish leader suggested adopting the gold standard to combat international pressures. Erdogan also said he had no words on the central bank's independence but said that as a politician he had a responsibility to the public who were being hurt by high rates. Turkey's Borsa Istanbul and the IDB signed a strategic cooperation agreement which aims to expand Islamic finance in Turkey and other IDB member countries. According to the agreement, the IDB will explore opportunities for its strategic stake acquisition from the country's exchange operator, Borsa Istanbul.

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