Central Bank of Turkey Holds 1-week Repo Rate at 6.25%

The Monetary Policy Committee of the Central Bank of the Republic of Turkey maintained the 1-week repo rate unchanged at 6.25%.  The Bank also held the overnight borrowing and lending rates unchanged at 1.50% and 9.00% respectively.  The Bank said: "The high levels of both energy products and other commodities and also developments that weakened foreign demand [for Turkish exports] delayed the improvement in the CAD [current account deficit] to the last quarter of this year,".  Turkey recorded annual consumer price inflation of 4.26% in April, up from 3.99% in March, but below the Bank's full year inflation target of 5.5%.

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