Economics
Turkey Central Bank Pessimistic on Growth Seen Cutting Further
- Bank lowers key rate for seventh month by 25bps to 8.25%
- Statement shows policy makers downbeat on growth outlook
Erdogan: Turkish Rate Cuts Should Continue Steadily
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The Turkish central bank cut a key interest rate for a seventh month to extend its longest easing cycle in at least six years, amid mounting signs that growth is losing steam as consumers keep a lid on spending.
The bank lowered the overnight lending rate by 25 basis points to 8.25 percent, it said in a statement, matching the median estimate in a Bloomberg survey. The one-week repurchase and overnight borrowing rates were kept at 7.5 percent and 7.25 percent respectively, also in line with economists’ forecasts.