21.Jul .2020 11:04

Turkey likely to keep interest rates unchanged: Survey

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The Turkish Central Bank is expected to keep interest rates unchanged this week, according to an Anadolu Agency survey on Monday.

The seventh monetary policy committee (MPC) meeting of 2020 will be held on Thursday to announce the bank's decision on interest rates.

A total of 14 economists surveyed by Anadolu Agency forecast no change in interest rates.

Survey also showed that economists' average year-end interest rate expectation was 8% -- ranging between 6% to 8.25%.

In June, the bank kept its one-week repo rate at 8.25, while it gradually cut the rate by 375 basis points during the year from 12%.

Last year, the bank cut the rate by a total of 1,200 basis points, from 24%, during eight MPC meetings.

After holding eight MPC meetings last year, this year the bank boosted the number of those meetings to 12.