Central Bank of the Republic of Turkey

July 19, 2012

Turkey’s Monetary Policy Committee left its key rates steady.  In a statement, officials indicated that inflation has been a bit softer than assumed and that a reduced inflation forecast is likely in the future.  The central bank’s one-week benchmark repo rate has been at 5.75% since August 2011.  The overnight lending rate has been at 11.5% since a 100-basis point cut in February of this year, and the overnight borrowing rate has been at 5.0% since being hiked from 1.5% last August.  Consumer prices in Turkey rose 8.9% in the year to June, while GDP is likely to expand about 3% this year.

Copyright 2012, Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.

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