Home > Utilities > Wires > News > Nation/World News from AP
Nation/World News from AP

Turkey cuts rates again as volatility eases

Posted Thursday, Jul. 17, 2014  comments  Print Reprints
A

Have more to add? News tip? Tell us

Turkey's central bank has cut its main interest rate by a further half percentage point as it continues to lower borrowing rates following a big increase earlier this year to support the country's currency.

The central bank on Thursday cut its main rate, the one-week repo rate, to 8.25 percent from 8.75 percent amid what it says were improvements in global liquidity conditions in recent months.

In January, the bank increased rates to support the currency, which had fallen sharply as investors fretted over the outlook for many emerging economies.

The government of Prime Minister Recep Tayyip Erdogan has been pressuring the bank for a large rate cut.

William Jackson, emerging markets economist at Capital Economics, says further rate cuts look likely over the coming months.

Looking for comments?

We welcome your comments on this story, but please be civil. Do not use profanity, hate speech, threats, personal abuse, images, internet links or any device to draw undue attention. Our policy requires those wishing to post here to use their real identity.

Our commenting policy | Facebook commenting FAQ | Why Facebook?