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Turkey’s central bank cuts rates for seventh straight month

by ChemOrbis Editorial Team -
  • 22/09/2016 (15:53)
According to media reports, Turkey’s central bank has cut the key interest rates for a seventh straight month, but at a slower pace compared to the first half of the year. The bank lowered the upper end of its interest rate corridor by 25 basis points to 8.25%, in line with expectations.

The bank kept its benchmark one-week repo rate and overnight borrowing rates unchanged at 7.5% and 7.25%, respectively.

A Turkstat report this month shows that domestic demand was affected by July’s failed coup attempt and decelerated in the April-June period when compared to the first quarter. Markit’s manufacturing PMI also showed a slowdown in activity following the events in July.
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