Central Bank of the Republic of Turkey cuts interest rates after 5 meetings

The Monetary Policy Committee of the Central Bank of the Republic of Turkey (CBRT) reduced the one-week repo auction interest rate, which is the policy rate, by 100 basis points to 36 percent. Having left interest rates unchanged since January, the bank thus made a rate cut decision for the first time after 5 meetings.

Within the scope of the CBRT's interest rate decision, the overnight lending interest rate was lowered from 40 percent to 39 percent, while the overnight borrowing interest rate was reduced from 35.5 percent to 34.5 percent. The decision was noted as a turning point in the monetary policy that has persisted since January in the markets.

Prior to the interest rate decision, Borsa İstanbul's BIST 100 index, which followed a selling-oriented course domestically, closed the week at 11,116.99 points with a 5.16 percent loss in value on a weekly basis.