Turkish Central Bank to hold extraordinary meeting

Turkish Central Bank’s Monetary Policy Committee will hold an unscheduled meeting on August 4 in an effort to discuss the recent developments on “public debt in certain European countries and the global growth outlook,” according to the Bank’s statement.

Such unscheduled meetings are rare and indicate that the CBRT is moving into a” crisis management mode” with respect to intensifying economic problems being reported in Europe, the US and globaly.  Speculation for Central Bank action focuses on limited easing of domestic economic conditions (e.g. reduction of banks’ reserve requirement or even a small cut in interest rates).  Good inflation numbers released in Ankara earlier today may give the CBRT confidence it can ease the monetary conditions without stimulating inflation.

Source: Hurriyet Daily

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