Central Bank Autonomy Questioned

Turkish Prime Minister Tayyip Erdogan expressed disapproval at the Central Bank of Republic of Turkey's (CBRT) independence in comments reported by Milliyet newspaper on September 17. Erdogan stated that the CBRT's autonomy restricted the government's options in economic policy-making and that he 'disapproved' of the central bank's status. During the same interview Erdogan also rejected IMF proposals to make the country's Revenue Administration autonomous. The comments by the Turkish Prime Minister raise concerns that Ankara is shifting away from the reform agenda in place since 2001 and also highlight risks that the country will not sign a new IMF Stand-By

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