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Turkey’s Central Bank cuts upper end of interest rate corridor

by ChemOrbis Editorial Team - content@chemorbis.com
  • 21/04/2016 (13:16)
According to media reports, the new governor of the Turkish central bank Murat Çetinkaya cut the upper end of the bank’s interest rate corridor by 50 basis points to 10%. The central bank left the one-week repurchasing rate unchanged at 7.50% and the overnight borrowing rate at 7.25% in line with expectations. The bank also cut the late liquidity window lending rate to 11.50% from 12%.

The local currency strengthened following the announcement and traded at 2.8 against the dollar and 3.1 against the euro.

Turkey’s gross domestic product (GDP) grew 4.0% last year.
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