Turkey to cut interest rates: Survey

ISTANBUL

Economists expect that Turkey's Central Bank will cut interest rates this week, according to an Anadolu Agency survey this Tuesday.

This Thursday the bank’s Monetary Policy Committee (MPC) is set to meet for the sixth time this year to announce the bank's latest decision on interest rates.

A group of 20 economists surveyed by Anadolu Agency expected a 25-basis-point cut on average, ranging between 25 and 50 basis points.

Three economists expected a 50-basis-point cut, 15 expected 25 basis points, and two expected no change, the survey found.

Last month, the bank cut its one-week repo rate – also known as the bank's policy rate – by 50 basis points to 8.25%.

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

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

* Writing by Gokhan Ergocun