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Financial News: Turkey CB Keeps Rates On Hold For Sixth

Turkey CB Keeps Rates On Hold For Sixth Session

01/18/2018 - 06:50:00 (RTTNews)

(RTTNews) - Turkey's central bank left its key interest rates unchanged on Thursday for a sixth consecutive session, citing high inflation.

The Monetary Policy Committee, led by Governor Murat Cetinkaya, decided to hold the one-week repo rate at 8 percent, in line with economists' expectations.

The overnight marginal funding rate was kept at 9.25 percent and the borrowing rate was retained at 7.25 percent.

Further, the bank held the late liquidity window lending rate to 12.75 percent.

Policymakers said current elevated levels of inflation and inflation expectations continue to pose risks on the pricing behavior. The committee vowed to use all available instruments in pursuit of the price stability objective.

Tight stance in monetary policy will be maintained decisively until inflation outlook displays a significant improvement, independent of base effects and temporary factors, and becomes consistent with the targets.

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