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 news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- European PP hits new highs after 3-digit hikes for January
- Turkey’s PP, PE markets open 2021 with supply-driven hikes
- Vietnam’s local homo-PP market retreats for 3rd week on subdued demand
- China’s PE demand wavers amid controls on environmental pollution and electricity use
- January trend takes shape in Egypt’s PP, PE markets
- Stats: Turkey’s 2020 polymer imports set to beat the 2017 record
- China PP, PE markets close 2020 on a soft note; SE Asia feels pressure
- Stats: China’s total PE imports down for 2nd month in November
- Egypt PET markets poised to end the year on a strong note
- China ABS prices move below SEA after 8 months