Turkish Central Bank keeps interest rates unchanged

The Monetary Policy Committee of the Turkish Central Bank March 18 decided to keep policy rates unchanged at historic lows: overnight borrowing rate at 6.5% and lending rate at 9%. The Committee reiterated that it would be necessary to keep policy rates at low levels for a long period of time as an economic stimulus. The Committee also said it expects inflation to drop to single digits in March.

The Committee’s statement would seem to buttress the expectations of several economic analysts that low interest rates will prevail for an additional quarter before starting to tick upward in 2H2010.

Source: Central Bank of Turkey, Press Release on Interest Rates

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