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Turkey’s central bank keeps interest rates unchanged

by ChemOrbis Editorial Team -
  • 17/03/2015 (15:29)
According to media reports, Turkey’s Central Bank kept its main rates unchanged on March 17 in order to ease pressure on the country’s currency stemming from the stronger dollar, which reached historic highs in the previous weeks.

The bank kept its one week repo rate unchanged at 7.50%, the overnight lending rate at 10.75% and the overnight borrowing rate at 7.25%. Following the rate decision, the Turkish lira gained 0.6% to 2.61 against the dollar.

The central bank reported that uncertainty in global markets and increased food prices necessitates maintaining the cautious stance in monetary policy, stating that upcoming monetary policy decisions will depend on the improvements in the inflation outlook.

Previously, the central bank cut its one week fund rates to 4.5% from 7.5% for US dollars and to 2.5% from 6.5% for euros effective as of March 10, 2015.
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