Turk Press-Anatolia
The Turkish Central Bank announced that the interest rate reduced 100 basis points on the “ribo” purchases for a week, to 13 percent.
This came in a statement after a meeting held by the Monetary Policy Committee in the Turkish Central, on Thursday, headed by the bank’s governor, Shihab Qawjlu.
The statement explained that the committee is closely monitoring global markets and the effects of global inflation, noting that global central banks indicate the continued rise in inflation due to the rise in energy prices.
He pointed out that the Turkish Central is expected to start the process of reducing inflation by re -establishing the global peace environment, along with the steps taken firmly to enhance the stability of sustainable prices and financial stability.
He added that the committee decided to reduce the interest rate from 14 to 13 percent, after assessing factors that affect monetary policy such as demand, basic inflation and supply.
He stressed that the Turkish Central Bank will continue to use all monetary policy tools in order to strengthen the lira.
He stressed that the central bank will continue to pack all the tools available to it in order to show strong indicators that indicate a permanent decrease in inflation and the goal of 5 percent is achieved in the medium term, in line with the main goal of stabilizing prices.
It is noteworthy that the Turkish Central Bank kept the interest rate at 14 percent for the past seven months.