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Financial News: Turkey Central Bank Keeps Key Rates Unchanged

Turkey Central Bank Keeps Key Rates Unchanged

06/15/2017 - 08:35:00 (RTTNews)

(RTTNews) - Turkey's central bank held its key interest rates steady on Thursday after raising the liquidity rate in the previous meeting.

The Monetary Policy Committee, led by Governor Murat Cetinkaya, kept the key lending rate, known as the Marginal Funding Rate, at 9.25 percent and the borrowing rate at 7.25 percent. This rate was last hiked in January by 75 basis points.

The one-week repo rate was also retained, at 8.00 percent.

The decision was in line with economists' expectations.

In the previous policy session in April, the bank hiked the liquidity window rate to 12.25 percent from 11.75 percent, after a 75 basis points hike in March.

The bank observed that the recovery in the economic activity has gained pace and expects the economic activity to accelerate further in the near term due to the supportive measures and incentives provided recently.

The committee assessed that the implementation of the structural reforms would contribute to the potential growth significantly, the bank said.

Policymakers observed that although recent improvements in cost factors and expected partial correction in food prices will contribute to disinflation, current elevated levels of inflation pose risks on the pricing behavior.

The central bank said it will continue to use available monetary instruments in tracking of the price stability objective.

"Tight stance in monetary policy will be maintained until inflation outlook displays a significant improvement," the bank said.

"Inflation expectations, pricing behavior and other factors affecting inflation will be closely monitored and, if needed, further monetary tightening will be delivered."

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