ANKARA: Turkey’s Central Bank announced a 0.5 percent cut in its headline interest rate on Jan. 20, following months of pressure from President Recep Tayyip Erdoğan for a cut to stimulate growth.
The Central Bank said in a statement after its latest monetary policy meeting that the one-week repurchase rate would be dropped to 7.75 percent from 8.25 percent.
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The Bank said in a statement that the “measured cut” was justified by an improving inflation outlook largely due to the fall in oil prices.
The marginal funding rate remained at 11.25 percent and the overnight borrowing rate at 7.50 percent.The last cut made by the bank to the one-week repurchase rate was also a cut of 0.50 percent back on July 17.
