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Financial News: Turkey Central Bank Cuts Rates Further

Turkey Central Bank Cuts Rates Further

11/18/2021 - 06:33:00 (RTTNews)

(RTTNews) - Turkey's central bank slashed its key interest rates sharply for the third straight month, on Thursday.

The Monetary Policy Committee of the Central Bank of the Republic of Turkey governed by Sahap Kavcioglu, decided to cut the one-week repo rate by 100 basis points to 15.00 percent from 16.00 percent. The bank had lowered the rate by 200 basis points in October and by 100 basis points in September.

"The Committee evaluated the analyzes on the decomposition of demand factors that can be affected by monetary policy, core inflation developments and the effects of supply shocks, and decided to reduce the policy rate by 100 basis points to 15 percent," the bank said.

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