Economists forecast cut in Turkey interest rates

15:48 Mon, 29 May

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20.Feb .2023 22:00

Economists forecast cut in Turkey interest rates

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Türkiye's Central Bank is projected to slash interest rates this week, an Anadolu survey found on Monday.

The second Monetary Policy Committee meeting of this year is set to be held on Thursday to announce the bank's decision on interest rates.

The median forecast by economists surveyed by Anadolu was a decrease in the one-week repo rate of 100 basis points, i.e. a full percentage points.

While 10 economists forecast that the bank will cut rates by 100 basis points, one expected a 150-basis-point decrease, and six projected no change.

In January, the bank hold its one-week repo rate, also known as the policy rate, constant at 9% for the second month in a row, meeting market forecast.

According to the latest data from the Turkish Statistical Institute (TurkStat), Türkiye's annual consumer inflation fell to 57.68% in January, an 11-month low, AA reports.