Turkish Central Bank lowers interest rates
Turkey, in spite of all the discouraging developments in the global financial markets has been swimming in safe waters.
Accordingly, Central bank of Turkey continues to use its authority to regulate the economy.
The authority decided to pull down the overnight interest rate in its October meeting.
Following the decision to narrow the interest rate corridor, the overnight borrowing interest rate was decreased to 5 percent and the interest rate for overnight lending was brought down to 9.5 percent from 10 percent.
Thus, an interest corridor between 5 percent to 9.5 percent is going to be be applied by the authority.
However, the policy interest rate was kept at 5.75 percent.
20.10.2012
BTT
