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Turkey’s central bank keeps interest rates steady

by ChemOrbis Editorial Team - content@chemorbis.com
  • 20/10/2016 (17:52)
According to media reports, Turkey’s central bank kept its interest rate unchanged following seven consecutive months of cuts. The bank kept the one-week repo rate at 7.50% and the overnight lending rate at 8.25% while the borrowing rate remained at 7.25%. Following the central bank’s decision, the lira increased 0.70% and strengthened to 3.0516 from 3.0730 against the US dollar.

Most economists’ estimates had called for further rate cuts in a survey by Reuters.

According to a research specialist at Gedik Investment, Erol Gurcan stated that the bank’s decision was well received by the financial markets. He also added that the inflation rate and the TL/USD exchange rate will be affected positively with this move.
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