Yeni Şafak targets Fatih Karahan after Mehmet Şimşek! 'Working for the interest-lobby, not the nation'

Having previously targeted Treasury and Finance Minister Mehmet Şimşek, the pro-government newspaper Yeni Şafak continues its criticism of the economic management. This time, the newspaper targeted Central Bank of the Republic of Turkey (CBRT) Governor Fatih Karahan. Arguing that the CBRT serves interest-seekers rather than the nation, the newspaper used a photograph of Central Bank Governor Fatih Karahan and stated that interest rate cuts have not been reflected in loan costs.

According to the report by Yeni Şafak, the Central Bank's reduction of the interest rate, which it had raised to 50% in December 2024, to 40.5% did not create the expected effect in the markets. It was stated that banks continue to apply high interest rates and that the annual cost of loans is still around 65-70%. The primary reason for this situation was cited as the Central Bank not facilitating credit issuance for banks.

Highlighting economic hardships, the report stated that Turkey has been struggling with high interest rates for the last 2.5 years. It was emphasized that 3 thousand 834 concordat applications were made in the first 8 months, large companies are closing their factories, and citizens are forced to postpone their basic needs. Furthermore, it was stated that the state pays billions of liras in interest every month.