Deepening a standoff which has rattled investor nerves, Erdogan was quoted on Monday as saying he would hold talks with Central Bank Governor Erdem Basci, under fire for failing to cut rates as sharply as Erdogan wants.

“We will call him and talk,” broadcaster NTV quoted Erdogan as saying on his plane travelling to Saudi Arabia, adding the central banker had himself requested a meeting. Basci sought to calm nervous investors on Friday by dismissing rumours he would resign, days after Erdogan said the bank’s monetary policy was “unsuited to the realities of the Turkish economy” even after the bank lowered its main rate for the second straight month. The bank trimmed the one-week repo rate by 25 basis points to 7.5 percent last week but Erdogan wants more aggressive cuts. Economy Minister Nihat Zeybekci, another critic of central bank policy, wants the repo rate cut to 6 percent.

NTV reported Erdogan, who is determined to see stronger growth ahead of a June general election, as saying he had already held face-to-face talks with Basci and economy czar Deputy Prime Minister Ali Babacan.

“They need to shape up a bit,” Erdogan was quoted as saying. “If interest rates don’t fall, Turkey can’t invest.”

The lira hovered near record lows after Erdogan’s latest comments, easing as far as 2.5220 against the dollar from 2.5096 late on Friday, when it touched a record low of 2.5275.

“We think these comments and market tension will continue until the election. I don’t think anything will become clear before then,” said HSBC Turkey’s Treasury Director Fatih Keresteci.

“A process which began with a call for an interest rate cut is being dragged unfortunately towards an unknown channel which will require rates to be hiked more.”

Erdogan believes current rates are impeding economic growth, potentially denting the ruling AK Party’s support in an election crucial to his goal of enacting legislative changes to create an executive presidency.