ISTANBUL, May 12 (Reuters) - Turkish banks will be less profitable in the future as interest margins will fall, the chairman of the Turkish banking association said on Friday.
Huseyin Aydin made the comment at the association’s general assembly in Istanbul. President Tayyip Erdogan has repeatedly called on Turkey’s banks to lower the cost of credit. Erdogan, who favours growth through consumption, has railed against interest rates, calling them a “means of exploitation”. (Reporting by Ebru Tuncay and Behiye Selin Taner; Writing by David Dolan; Editing by Daren Butler)