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Financial News: Turkey Keeps Key Rates Unchanged

Turkey Keeps Key Rates Unchanged

07/27/2017 - 07:31:00 (RTTNews)

(RTTNews) - Turkey's central bank left its key interest rates unchanged, as widely expected, on Thursday.

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

The overnight borrowing rate was maintained at 7.25 percent and the one-week repo rate was kept unchanged at 8.00 percent. The decision came in line with economists' expectations.

Despite expected partial correction in food prices, current elevated levels of inflation pose risks on the pricing behavior. The committee decided to maintain the tight stance of monetary policy.

The bank said tight stance on monetary policy will be maintained until inflation outlook displays a significant improvement.

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

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