Turkish Central Bank lowers benchmark interest rate to 16.5 pct

Turkish Central Bank lowers benchmark interest rate to 16.5 pct

The Central Bank of the Republic of Turkey (CBRT) on Thursday lowered its benchmark interest rate — the one week repo rate — by 325 basis points to 16.50% from 19.75%.

The Turkish Central Bank on Thursday lowered its one-week repo rate 325 basis points.

The bank's policy rate -- also known as the one-week repo rate -- fell from 19.75% to 16.50%.

The decision came in a statement from the bank's Monetary Policy Committee (MPC) meeting -- the sixth of eight meetings scheduled for 2019.

On Tuesday, a group of 18 economists surveyed by Anadolu Agency forecast an average drop of 250 basis points in the one-week repo rate, with the lowest estimate at 175 basis points, and the highest at 375.

In 2018, the bank held nine MPC meetings, as interest rates climbed from 8% to 24% over the course of the year.