The Central Bank cut its interest rate by 100 basis points from 14% to 13% in an effort to shore up growth, it announced in an official statement. After Russia and China, Turkey’s Central Bank also lowered rates to help ensure economic activity would not slow down, despite economists’ previous expectations that rates would remain...
Tag: interest rate cut
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Central Bank cuts interest rate by another 100 basis points
The Central Bank of the Republic of Turkey (CBRT) cut the interest rate to 14% in line with the market expectations. Noting that the cumulative effects will be closely monitored in the first quarter of the coming year, the CBRT pointed out that a comprehensive policy framework review process will be carried out in this...
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Erdogan defends pursuit of lower interest rates as lira sinks
BY BLOOMBERG President Recep Tayyip Erdogan defended his pursuit of lower interest rates to boost economic growth and job creation, pushing the lira to a new record low against the dollar. Turkey has abandoned old policies based on high borrowing costs and a strong currency in the name of slowing inflation, and instead shifted to...
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I won’t stand by anyone who defends interest rates: Erdogan
Turkish President and AK Party Chairman Recep Tayyip Erdogan has underlined the ‘low interest rate’ message at the AK Party’s group meeting . Repeating the idea that the ‘interest is the cause and inflation is the result’, Erdogan said his party will remove the burden of the interest rate burden from the nation. “We cannot let...
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Turkey’s Rate Cut Could Undermine Modest External Improvement: Fitch
The Central Bank’s 100 basis point rate cut and change in policy guidance will increase the challenge of bringing inflation under control and highlights the weak credibility of monetary policy, according to the international credit rating agency Fitch Ratings. “The decision also risks undermining the recent partial recovery of the country’s international reserve position,” Fitch...