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14-09-2018 10:54 | Read 260 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

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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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