Turkey's C.Bank keeps interest rates unchanged at record low

Turkish Central Bank left its benchmark interest rates unchanged at record low 6.50 % on Tuesday.

Turkey's C.Bank keeps interest rates unchanged at record low

Turkish Central Bank left its benchmark interest rates unchanged at record low 6.50 % on Tuesday.

CB kept the borrowing overnight interest rate at 6.5% and the overnight lending interest rate at 9%.

Following the Monetary Policy Board meeting, the bank said in a statement posted on its official website that recent data suggested the recovery in Turkish economy would continue.

It said the domestic demand was in a consistent trend of rise, while uncertainty regarding foreign demand continued. It said it would be quite some time before the capacity utilisation rates returned to pre-crisis levels.

The bank also said it expects inflation would hover above the target for some time.

Despite recent recovery, the board underscored that it might have to keep policy interest rates at low levels for a long period of time.

The CB which has cut interest rates by 8.5% in 2009 as part of crisis measures, did not make any changes in the past four months.


AA

Last Mod: 19 Mayıs 2010, 10:25
Add Comment