Turkey’s Central Bank cuts interest rates 0.50%
The bank cited decreasing inflation on the back of sharply plunging global crude oil prices as the main reason for their downward decision. Since June 2014 crude oil prices have lost more than half of their value especially following OPEC’s decision not to cut production in November.
Meanwhile, according to a statement released by HSBC, Turkey will benefit most from lower crude oil prices in the short term compared with other oil importer countries in Eastern Europe and Middle East as lower crude oil prices mean a decrease in the country’s current account deficit and lower inflation rate. HSBC expects the country’s inflation to decrease to 6.2% this year from its latest estimate of 7.2% reported in October.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Tightness shapes expectations for Sept PVC pricing in Asia
- PP uptrend falters in Indonesia amid downstream resistance
- Will European PE market sustain uptrend following higher ethylene?
- COVID-19 resurgence weighs on polymer sentiment in Vietnam
- Stats: Turkey’s H1 polymer imports defy pandemic, hit all-time high
- Stats: China’s total PP, PE imports set a new record in H1 2020
- Lackluster demand outweighs tightness in Asian ABS markets
- Will costs drum up support for a 3rd-month-firming in Europe PET market?
- Import PE markets give softening signals in China, SE Asia
- PVC supplies tight, demand robust across Europe