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Financial News: Turkey Central Bank Cuts Key Rate By 100

Turkey Central Bank Cuts Key Rate By 100 Bps

03/17/2020 - 07:53:00 (RTTNews)

(RTTNews) - Turkey's central bank lowered its key interest rate by 100 basis points and announced comprehensive set of measures to contain possible adverse effects of uncertainty caused by covid-19 pandemic on the economy.

At an emergency meeting on Tuesday, the Monetary Policy Committee, led by Governor Murat Uysal, slashed the policy rate, which is the one-week repo auction rate, to 9.75 percent from 10.75 percent. This was the second rate cut so far this year.

"With an aim to support financial stability, the central bank will implement a comprehensive set of measures," the bank said.

Measures are aimed at enhancing flexibility in Turkish lira and foreign exchange liquidity management, offering liquidity to banks to ensure uninterrupted flow of credit to the corporate sector and boosting cash flow of exporting firms.

Measures include providing banks with as much liquidity as they need through intraday and overnight standing facilities, and injecting liquidity through repo auctions with maturities of up to 91 days.

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