Central Bank Holds Rate Steady — Pro-Government Media Targets Şimşek
mehmet simsek4
The Central Bank of Türkiye’s (CBRT) decision to maintain its policy rate at 46% sparked strong backlash from pro-government newspapers, notably Yeni Şafak and Türkiye Gazetesi, signaling growing internal dissent over Finance Minister Mehmet Şimşek’s orthodox monetary strategy.
Yeni Şafak Slams CBRT: “Endless Excuses, Obsession with High Rates”
Ahead of the interest rate decision, Yeni Şafak published a front-page call on June 19 titled “A strong rate cut is needed.” But when the Central Bank opted to hold rates, the paper fired back in its headline:
“Constant excuses – Central Bank’s obsession with high rates.”
The criticism was unmistakably directed at Şimşek and the CBRT, accusing them of ignoring demands from the business world for relief through lower borrowing costs.
Türkiye Gazetesi Echoes the Discontent: “Money’s in Rates, Markets in Crisis”
Türkiye Gazetesi, another key voice in the government-aligned media ecosystem, published a parallel critique. Its June 20 front page read:
“Business world and investors in revolt – Money locked in interest, market in crisis.”
The coordinated tone across media outlets is seen as the emergence of a new internal front against Şimşek’s economic model, even within previously supportive circles.
A Flashback to the “Naci Ağbal Scenario”?
Yeni Şafak’s pattern of targeting economic policymakers has led many to recall its 2021 campaign against former CBRT Governor Naci Ağbal. After Ağbal hiked interest rates, the newspaper ran the infamous headline:
“Who are you doing this operation for?”
Shortly after, Ağbal was dismissed and replaced by Yeni Şafak columnist Şahap Kavcıoğlu. Observers now wonder whether a similar media-driven narrative is building around Şimşek, potentially signaling political instability or a pending policy shift.
Markets Calm, Media Stormy
Despite the media storm, markets remained stable, with investors expecting policy continuity from Şimşek. Analysts believe that media pressure alone may not be enough to remove him, but its political implications could influence internal dynamics, especially if tensions escalate further within ruling party circles.
