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    Turkish CB holds borrowing rate steady, cuts lending rate 50 bps

    HotNewsTurkey Staff
    22.10.2008 - 17:15 | Son Güncelleme:

    The Turkish Central Bank kept the benchmark overnight borrowing rate at 16.25 percent citing concerns over the economic growth and decided to cut lending rate by 50 basis points to 19.75 percent on Wendesday. (UPDATED)

    The Central Bank decreased the lending rate 50 basis points to 19.75 percent following its October Monetary Policy Committee meeting.

     

    The Monetary Policy Committee made a thorough evaluation on the recent developments in the foreign exchange markets and decided that it would be beneficial to increase the limits in the foreign exchange depot market, the bank said in the post-meeting statement.

     

    "The Central Bank would do what it can to limit the impacts of the turmoil in the international markets on our economy. The future policy decisions would mostly depend on the developments in the global markets and their domestic reflections," the statement added.

     

    The impacts of the lira's depreciation on inflation would be compensated by the sharp fall of oil prices and the positive outlook of the food prices.

    "The continuation of the global uncertainties cause a cautious approach both on inflation forecasts an monetary policy decisions," the statement said.

     

    The Turkish Central Bank had increased interest rates by 1.5 percentage points in the April-July period to fight inflation fueled by rising global oil and food costs but held rates steady in August and September.

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