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14-09-2018 10:54 | Read 865 times

Turkish Central Bank hikes interest rates by 625 bps

Policy rate, also known as one-week repo rate, up at 24 pct from 17.75 pct

Turkish Central Bank hikes interest rates by 625 bps

By Muhammed Ali Gurtas 

Turkish Central Bank on Thursday hiked its one-week repo rate by 625 base points. 

In a statement, the bank’s Monetary Policy Committee said the policy rate was increased to 24 percent, up from 17.75 percent. 

According to Anadolu Agency’s survey on Monday, a group of 17 economists expected a rise in one-week repo rate with a median of 425 base points, i.e. 4.25 percentage points.

The next two Monetary Policy Committee meetings are to be held on Oct. 25, and Dec. 13.

“Recently released data indicates a more significant rebalancing trend in the economic activity,” the bank said.

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