ANKARA: Turkey’s Central Bank may have indeed cut the interest rate by 25 base points under pressure from pro-government circles, but this has failed to please those circles once again, and they are calling for a further drop.
The Central Bank of Turkey cut its benchmark policy rate by 25 base points on Tuesday, and the overnight lending rate, or the upper band of the so-called ‘Corridor’, was cut to 10.75 percent from 11.25 percent.
I did not see courage in Central Bank’s last decision. The benchmark interest rate of Turkey should be below 7 percent and upper limit of the interest rate corridor should be less than 10 percent,” said Turkish Minister of Economy Nihat Zeybekçi.
