The Turkish central bank keeps interest rates unchanged

News
Thursday, May 25, 2023 - 16:46
Point Trader Group

The Turkish central bank keeps interest rates unchanged

The Turkish Central Bank kept interest rates unchanged, in line with expectations at 8.5% for interest on the Turkish lira during the "repo" week, 7% for overnight borrowing, and 10% for Turkish lending during the last night.

The Governor of the Turkish Central Bank, Shihab Qafji Oglu, said that inflation in his country is declining at a slower rate than the bank had expected, despite indications showing a significant slowdown in price rises.      

In the second inflation statement this year, Kavcioglu said that cost pressures on inflation have been removed to a large extent

He added that the Turkish Central Bank maintained its inflation forecast at 22.3% for the year 2023, adding that the stability of credit conditions and the foreign exchange rate would allow an improvement in inflation.

He added in his remarks made in Ankara that the central bank also kept its annual inflation forecast for 2024 unchanged at 8.8%.


Related Topics

REQUEST A CALL BACK

Get financial advice from Point trader group experts

YOU CAN TRUST POINT TRADER GROUP

For Free Expert Financial Advice