Central Bank of the Republic of Turkey
As done at the prior meeting on April 20, monetary officials in Turkey left the one-week repo rate and overnight borrowing rate unchanged at 7.5% and 7.25%, respectively, but lopped 50 basis points off the overnight marginal funding rate to 9.5%. The overnight rate corridor has but narrowed by 125 basis points since the March meeting. A statement released today characterizes the latest narrowing as continuing simplification of Turkey’s central bank rate structure within the framework of a still tight monetary stance. Although headline inflation has dropped markedly of late due to lessening pressure on unprocessed foods, core inflation is proving stickier on the downside. Global volatility remains a fact of life and an influence on policy.
Copyright 2016, Larry Greenberg. All rights reserved. No secondary distribution without express permission.
This entry was posted on Tuesday, May 24th, 2016 at 9:19 am and is filed under Central Bank Watch. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
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