Turkey’s central bank maintains all interest rates
By Bloomberg
Turkey’s central bank left all its main interest rates unchanged on Thursday, citing the need for cautious monetary policy amid volatility in food and energy prices.
The bank kept its main one-week repo rate at 7.50 percent, matching the median estimate in a Bloomberg survey of 18 economists. It also kept its overnight lending and borrowing rates at 10.75 percent and 7.25 percent respectively, according to a statement posted on its website.
Policy makers lowered the main repo rate by a total of 75 basis points this year but have kept it on hold since February amid weakness in the lira and accelerating inflation. Consumer prices rose an annual 7.2 percent through last month, compared to the bank’s 5 percent target.
Bank Governor Erdem Basci has blamed the failure to meet that target on food prices and the lira, which was third worse performing currency this year among 24 emerging markets tracked by Bloomberg.
The lira was trading 0.6 percent lower at 2.7233 per dollar at 2:04 p.m.
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