Survey: Turkey Central Bank may cut interest rates

ISTANBUL

The Turkish Central Bank is forecast to cut its interest rates for the 10th month in a row, according to a panel of economists surveyed by Anadolu Agency on Monday.

The fourth Monetary Policy Committee (MPC) meeting of the year will be held on Wednesday to announce the bank's decision on interest rates.

The survey of 15 economists expected an average fall of 50 basis points on the one-week repo rate, with the lowest estimate at 25 basis points, and the highest at 100.

Last month, the Central Bank cut its interest rate by 100 points from 10.75% to 9.75% following reductions over the last nine months.

Since the beginning of this year, the bank has cut the rate by a total of 225 basis points.

In 2019, the bank gradually cut the rate by 1,200 basis points from 24% to 12%.

After holding eight MPC meetings last year, in 2020 the bank decided to increase the number of annual meetings to 12.