FOREX TradingCharts.com

Financial News: Turkish Central Bank Cuts Rate Unexpectedly

Turkish Central Bank Cuts Rate Unexpectedly

09/23/2021 - 12:19:00 (RTTNews)

(RTTNews) - Turkey's central bank cut its key interest rates unexpectedly on Thursday as policymakers assessed that the recent inflationary pressures were due to transitory factors and that the tighter policy stance was hurting bank lending. The Monetary Policy Committee, led by Governor Sahap Kavcioglu, lowered the policy rate, which is the one-week repo auction rate, from 19 percent to 18 percent. Economists had expected the rate to be left unchanged. The central bank said it will "continue to use decisively all available instruments until strong indicators point to a permanent fall in inflation and the medium-term 5 percent target is achieved in pursuit of the primary objective of price stability".

Policymakers decided to cut the rate despite concerns over rising inflation. The country's President Tayyip Erdogan has been seeking lower interest rates over the past few months. "Looking ahead, we expect inflation to fall sharply over the next six to nine months and, against the backdrop of political pressure, that is likely to trigger further aggressive easing," Capital Economics economist Jason Tuvey said. The firm expects the one-week repo rate to be lowered to 12.00 percent by the middle of next year. "But looser monetary policy in the context of an economy already operating above its pre-virus trend risks causing imbalances to building and sowing the seeds of another balance of payments crisis," Tuvey added.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Czech Producer Prices Rise In September (03 hr(s), 06 min(s), 13 sec(s) ago)
(RTTNews) - Czech's producer prices increased in September, figures from the Czech Statistical ...Full Story»

China GDP Climbs 4.9% On Year In Q3 (05 min(s), 47 sec(s) ago)
(RTTNews) - China's gross domestic product expanded 4.9 percent on year in the third quarter o ...Full Story»

Singapore Non-Oil Domestic Exports Rise Just 1.2% In September (03 min(s), 47 sec(s) ago)
(RTTNews) - The total value of Singapore's non-oil domestic exports was up a seasonally adjust ...Full Story»

New Zealand Service Index Improves To 46.9 In September - BusinessNZ (50 min(s), 47 sec(s) ago)
(RTTNews) - The service sector in New Zealand continued to contract in September, albeit at a much ...Full Story»

China GDP Data On Tap For Monday (20 min(s), 47 sec(s) ago)
(RTTNews) - China is scheduled to release a raft of data on Monday, highlighting a busy day for As ...Full Story»

New Zealand Consumer Prices Jump 4.9% On Year In Q3 (12 min(s), 47 sec(s) ago)
(RTTNews) - Consumer prices in New Zealand were up 4.9 percent on year in the third quarter of 202 ...Full Story»

Finland GDP Growth Slows In August (08 min(s), 47 sec(s) ago)
(RTTNews) - Finland's economic output growth eased in August, data from Statistics Finland sho ...Full Story»

U.S. Business Inventories Increase In Line With Estimates In August (08 min(s), 47 sec(s) ago)
(RTTNews) - A report released by the Commerce Department on Friday showed U.S. business inventorie ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Czech Producer Prices Rise In September

10/18/2021 - 04:33 AM (RTTNews)
(RTTNews) - Czech's producer prices increased in September, figures from the Czech Statistical ...Full Story>>

China GDP Climbs 4.9% On Year In Q3

10/17/2021 - 22:45 PM (RTTNews)
(RTTNews) - China's gross domestic product expanded 4.9 percent on year in the third quarter o ...Full Story>>

Singapore Non-Oil Domestic Exports Rise Just 1.2% In September

10/17/2021 - 20:43 PM (RTTNews)
(RTTNews) - The total value of Singapore's non-oil domestic exports was up a seasonally adjust ...Full Story>>

New Zealand Service Index Improves To 46.9 In September - BusinessNZ

10/17/2021 - 18:30 PM (RTTNews)
(RTTNews) - The service sector in New Zealand continued to contract in September, albeit at a much ...Full Story>>

China GDP Data On Tap For Monday

10/17/2021 - 18:00 PM (RTTNews)
(RTTNews) - China is scheduled to release a raft of data on Monday, highlighting a busy day for As ...Full Story>>

Do not sell my personal information

Copyright © 2021. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.