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    Turkish central bank hikes rates by 50 bps

    Hurriyet English
    15.05.2008 - 19:24 | Son Güncelleme:

    Turkish central bank raised its short term interest rates for 50 basis points, joining the rate hike spree in emerging markets due to inflationary pressures. It signaled tightening could continue.

    Turkish central Bank's Monetary Policy Committee's decision on Thursday took the overnight borrowing rate to 15.75 percent from 15.25 percent; and lending rate to 19.75 percent from 19.25 percent.

    The delayed effects of the depreciation of lira and increases in the prices of energy and food could result a short term hike in inflation, the bank said in its post-meeting statement.

    "The amount and timing of the future rate hikes will depend on developments regarding global market conditions, external demand, fiscal policy implementation, and other factors affecting the medium term inflation outlook," it added.

    The bank also said it would take the necessary measures to prevent rising food and oil prices affecting overall price behaviors, signaling monetary tightening would continue.

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