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  • 26-05-20

    Central bank of Turkey cuts interest rate

    (MENAFN)


    The central bank of Turkey has reduced its one week repo rate on by 50 base points on Thursday, following the predictions of economists and the market.

    The bank released a statement saying that its Monetary Policy Committee has reached a decision to cut the policy rate from 8.75 percent to 8.25 percent.

    The bank said that the economic activity in the country has begun to drop in the middle of March due to the coronavirus negative effects on the external trade, tourism and domestic demand.

    The statement by the bank said that "while the weakening in economic activity became more pronounced in April, high-frequency indicators for the first half of May display signs of bottoming-out following the steps taken towards partial normalization".

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