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Turkiye's central bank reduces interest rate to 12%
23 Sep '22
1 min read
Pic: Shutterstock
The monetary policy committee of Central Bank of the Republic of Turkiye (TCMB) recently reduced the policy rate (one-week repo auction rate) from 13 per cent to 12 per cent. Though strong growth was witnessed in the first half of this year, leading indicators have been pointing to a slowdown in growth since the beginning of July due to weakening foreign demand.
Compared to peer economies, job creation has been stronger. Considering the sectors that contribute to rise in employment, the central bank observed that the growth dynamics are supported by structural gains.
The MPC expects disinflation process to start on the back of measures taken and decisively implemented for strengthening sustainable price and financial stability along with the resolution of the ongoing regional conflict.
Additionally, leading indicators for the third quarter this year continue pointing to loss of momentum in economic activity due to decreasing foreign demand, the central bank said in a press release.
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