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BoE's Bailey says central bank independence clearly an issue in Turkey

© Reuters. FILE PHOTO: A logo of Turkey’s Central Bank (TCMB) is pictured at the entrance of the bank’s headquarters in Ankara, Turkey April 19, 2015. REUTERS/Umit Bektas//File Photo

LONDON (Reuters) – Bank of England Governor Andrew Bailey said on Thursday that the independence of Turkey’s central bank was clearly an issue and maintaining credibility was critically important for the institution.

“I think that’s an example where clearly independence … is an issue,” Bailey said when asked by a student at a Cambridge Union event about the decision by Turkey’s central bank to cut interest rates, a move defended by President Tayyip Erdogan despite high inflation.

“I don’t comment on other people’s policies much but I’d say it’s an unusual combination in economics, certainly,” he said. “How you achieve credible policy is critically important not just for today, but for the reputation and therefore in a sense, the ability to make policy going forwards.”

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