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20-05-20
Central Bank of Turkey predicted to reduce rates as local currency recovers
(MENAFN)
Foreign economists of Turkey said on Tuesday that the central bank of Turkey is predicted to reduce interest rates given the possible swap deal of the country along with the recovery of the Turkish lira against the USD.
The fifth Monetary Policy Committee (MPC) meeting of the current year is going to take place on the 21st of May to announce the decision of the bank regarding interest rates.
Director for Europe, the Middle East and Africa at New York-based Medley Global Advisors, Nigel Rendell, said that "with the lira having recovered from the record low of 7.269/dollar the likelihood of a rate cut has increased".
The official also added that "we expect the Bank to cut the repo rate by another 100 basis points at its May policy meeting", saying that this would decrease the repo rate to 7.75 percent in the country.
MENAFN2005202000450000ID1100191527
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