Turkey's central bank kept its benchmark one-week
repurchase rate unchanged at 5.75 percent, saying it was striking a cautious and flexible policy stance in light
of the uncertain state of the global economy and the inflation rate, which
remains above the bank's target.
The Central Bank of the Republic of
Turkey said in a statement after a meeting of its Monetary Policy Committee
that domestic demand was continuing to show a moderate recovery and it
maintained all interest rates, including the 5.0 percent overnight rate and the
11.5 percent lending rate, which set the limits of the bank's interest rate
corridor.
Turkey's central bank has
held its repo rate steady since August 2011 and markets were not expecting the
bank to cut its main rate. But there was speculation that it could lower its
interest rate corridor as a signal that it would later cut its benchmark rate.
Details from the meeting will
be published in five days.
Turkey’s economy (GDP) expanded by 0.20 percent in the
first quarter of this year from the previous quarter and the inflation rate was
8.9 percent in June, above the bank’s 5.0 percent target.
www.CentralBankNews.info
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