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| CBT lowers interest rates in surprise move |
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| Thursday, 04 August 2011 |
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The CBT issued a press release at 12 noon, announcing changes to interest rates. The Policy rate has been reduced from 6.25% to 5.75%; Borrowing rate has been increased from 1.50% to 5.00%; whilst Lending rate has remained the same, at 9.00%. Following the announcement, which took the markets by surprise, the Turkish lira weakened. The TL/GBP rate is now very close to 2.8. For analysis of this move, take a look at the following links. Bloomberg is particularly insightful. Kalkan Turkish Local News - your window on Kalkan Turkey Katie-Ellen Share |
| Last Updated on Thursday, 04 August 2011 |
The Monetary Policy Committee of the Central Bank of Turkey (CBT), held an interim meeting this morning, Thursday 4 August 2011, to evaluate recently increasing concerns over the sovereign debt problems in some European countries and the global growth outlook.