Turkey Central Bank Keeps Key Rate Unchanged

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Turkey’s central bank maintained its key rates on Thursday after hiking it by 200 basis points last month.

The Monetary Policy Committee of the Central Bank of the Republic of Turkey, led by Governor Murat Uysal, decided to hold the one-week repo auction rate, at 10.25 percent.

In September, the bank had raised the rate from 8.25 percent, which was the first increase in two years.

The bank decided to adjust the monetary policy operational framework and set the margin between the CBRT Late Liquidity Window lending rate and overnight lending rate as 300 basis points.

The bank said it will continue enhancing flexibility in liquidity management and with liquidity measures until inflation outlook displays a significant improvement.

The committee assessed that restoring the disinflation process is a key factor for achieving lower sovereign risk, lower long-term interest rates, and stronger economic recovery.

The material has been provided by InstaForex Company – www.instaforex.com

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