ANKARA
The government on Tuesday criticized the Turkish Central Bank for delaying promised interest rate cuts.
Turkey's central bank should have held an extraordinary policy meeting and cut rates, Economy Minister Nihat Zeybekci said, speaking to the parliament.
"Turkey should continue with courageous interest rate cuts," Zeybekci added. "Turkey does not need to worry about foreign exchange rates."
The Turkish Central Bank was to announce further rate cuts Wednesday in an emergency meeting, but that meeting was delayed until Feb. 24.
The Turkish lira slid about 4 percent against the dollar after the central bank announced the emergency meeting.
The central bank has linked interest rate cuts to a decline in inflation. On Tuesday, the rate of consumer price inflation decreased from an annual 8.71 percent, as reported in December 2014, to an annual 7.24 percent, as reported in January.
The central bank issued a statement hailing the lower inflation rate, but nonetheless delaying the interest rate cut.
President Recep Tayyip Erdogan had, on Saturday, already complained about the bank's policies.
"They're simply going to drive one mad. They say they will cut interest rates if inflation falls, this is not a proper understanding… this is the wrong logic," he said.
