22 Sep 2015
CBRT keeps policy unchanged
FXStreet (Edinburgh) - Broadly in line with market consensus, the Turkish central bank has left its monetary policy stance unchanged at today’s meeting, with the Overnight Borrowing Rate at 7.25%, the Overnight Lending Rate at 10.75% and the One-Week Repo Rate at 7.50%.
The central bank acknowledged that while demand overseas remained weak, the domestic demand has contributed to the economic growth at a moderate pace during the first half of the year. The CBRT now expects the economy to shift to an export-oriented stance in the upcoming periods, sustained by the increasing demand from EU economies.
The CBRT has also emphasized the short-term benefits of lower energy prices in the domestic inflation figures, while core prices remain affected by the exchange rate level.
The central bank acknowledged that while demand overseas remained weak, the domestic demand has contributed to the economic growth at a moderate pace during the first half of the year. The CBRT now expects the economy to shift to an export-oriented stance in the upcoming periods, sustained by the increasing demand from EU economies.
The CBRT has also emphasized the short-term benefits of lower energy prices in the domestic inflation figures, while core prices remain affected by the exchange rate level.