The Central Bank of the Republic of Turkey (CBRT) announced on Thursday that it will fix the interest rate at 8.5 percent for one week in “repo” repos.
The statement made after the meeting held in Ankara chaired by Şihab Kavucioğlu, Chairman of the Monetary Policy Committee of the Central Bank of the Republic of Turkey (CBRT), said:
The Committee noted that the recently announced economic activity data “are at more positive levels than expected, but recession fears persist in developed economies, and conditions that threaten financial stability have emerged due to geopolitical risks and high interest rates.”
He stated that the earthquake that occurred in the south of the country on February 6 will affect the economic activity in the short term, but the effect on the performance of the Turkish economy is not expected to be permanent in the medium term. .
The Committee is of the opinion that the monetary policy stance is sufficient to support the necessary recovery after the earthquake by maintaining price and financial stability.
On February 23, the Central Bank of the Republic of Turkey cut the interest rate by 50 basis points (from 9 percent to 8.5 percent).
Source: Anatolia
