Turkish Central Bank Slashes Interest Rate By 75 Bps
January 16 2020 - 2:23AM
RTTF2
Turkey's central bank cut its key interest rate for the fifth
time in a row, albeit at the smallest measure in the series, citing
continued recovery in economic activity. The Monetary Policy
Committee, led by Governor Murat Uysal, slashed the policy rate,
which is the one-week repo auction rate, to 11.25 percent from
12.00 percent, the TCMB said in a statement.
Economists had forecast a reduction to 11.5 percent. "At this
point, the current monetary policy stance remains consistent with
the projected disinflation path," the bank said.
The central bank had cut the rate by 200 basis points in the
previous policy session in December. Prior to that, the rate was
lowered by 250 basis points in October, 325 basis points in
September and by 425 basis points in July. "As the contribution of
net exports to economic growth declines, economic recovery is
expected to be sustained with the help of the ongoing disinflation
process and improvement in financial conditions," the central bank
said. The bank expects the current account balance, which improved
significantly in recent times, to maintain a moderate course with
the contribution of supportive policy measures.
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