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Turkey’s central bank eases rates for sixth straight month

by ChemOrbis Editorial Team - content@chemorbis.com
  • 23/08/2016 (15:21)
According to media reports, Turkey’s central bank has cut the key interest rates for a sixth straight month today. The bank lowered the upper end of its interest rate corridor by 25 basis points to 8.5%, in line with expectations. The bank left its overnight-borrowing rate and one-week repurchase rate unchanged at 7.25% and 7.5%, respectively.

The bank reported in a statement on its official website that the adverse impact of domestic developments in mid-July on market indicators has been largely reversed due to improved global risk appetite and the recent measures.

According to the statement, domestic demand is having a positive impact on growth, albeit at a lesser extent. Plus, demand from the EU countries continues to support exports and economic activity displays a moderate and stable course of growth.

The bank also repeated that it decided to take a measured and cautious step towards simplification and future monetary policy decisions will be conditional on the inflation outlook.
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