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Turkey’s central bank unexpectedly lowers interest rates

by ChemOrbis Editorial Team -
  • 24/03/2016 (16:01)
According to media reports, Turkey’s central bank unexpectedly lowered its lending rate by 25 basis points to 10.5% today while keeping the one-week repurchase rate at 7.5% and the overnight borrowing rate at 7.25%. This represented the first rate cut since February 2015.

According to some economists, easing global volatility following the US Fed’s decision to slow down the pace of their interest rate hikes this year as well as the European Central Bank’s additional stimulus package announcement was cited as the main factor behind the bank’s decision. In addition, Turkey’s lower than expected inflation rate in February strengthened the central bank’s hand to loosen its monetary policy.
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