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Turkish Central Bank Cuts Interest Rates 81 days ago
(RTTNews) - Thursday, the Central Bank of the Republic of Turkey lowered its borrowing rate to 6.50% from 6.75% as expected, and slashed the lending rate to 9.00% from 9.25%.
The central bank said in a statement that the ongoing recovery in economic activity will be "gradual and protracted" and added that although headline annual inflation could display some upward movements through mid-2010 due to strong base effects, resource utilization, and hence inflation, is expected to hover around low levels.
"The Committee notes that the cumulative policy rate cuts implemented since November 2008 and the improvements in global risk perceptions have started to exert favorable effects on credit markets. However, lingering problems across the global economy are not resolved completely and there are still uncertainties regarding the strength of the recovery. Taking these factors into account, the Committee has reiterated that it would be necessary for the monetary policy to maintain an easing bias for a long period of time," the bank said.
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