Turkey’s Central Bank lowers interest rates
Effective May 10, 2005, Turkey's Central Bank (TCMB) cut short-term interest rates by 0.50 points. An announcement from the TCMB confirms that the overnight borrowing rate was reduced from 15% to 14.50% and the borrowing rate from 19% to 18.50%. Within the application of the Late Liquidity Window framework, the overnight lending interest rate of the Interbank Money Market between 16:00-16:30 was lowered from 23% to 22.50%, while the borrowing interest rate remained unchanged at 5%.