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Turkey Central Bank to Narrow Rate Band Next Month, Sabah Says

Aug. 26 (Bloomberg) -- Turkey’s central bank will begin to narrow the upper end of the so-called interest-rate corridor gradually starting next month, Sabah newspaper reported, citing Governor Erdem Basci.

The central bank aims to proceed “cautiously,” Basci told reporters in Ankara yesterday, the newspaper said. The current-account gap will be between 7 percent and 8 percent of gross domestic product by the end of the year, Sabah reported, citing the banker.

To contact the reporter on this story: Sibel Akbay in Istanbul at sakbay@bloomberg.net

To contact the editor responsible for this story: Dick Schumacher at dschumacher@bloomberg.net

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