The Central Bank of Turkey has decided to reduce the key interest rate from 45% to 42.5% per annum, as reported in the official statement of the regulator. This is the third consecutive step towards lowering the rate. In January of this year, it was decided to reduce the weekly REPO rate from 47.5% to 45%. Before that, at the end of last year, the Central Bank lowered it from 50% to 47.5% for the first time in almost two years. The published statement noted that the current tight monetary policy will remain in place until price stability is ensured, which will be possible due to a steady decrease in inflation. At the same time, the main goal remains to achieve an inflation rate of 5%, which is planned to be achieved in the medium term. The rate, according to the Central Bank, will be adjusted so as to maintain the necessary rigidity within the framework of the planned disinflation process. This will take into account both the already recorded and expected inflation, as well as its basic dynamics. According to the latest statistics, annual inflation in the country decreased to 39.1% in February, which is an improvement over the January figure of 42.1%.
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