Turkey's Central Bank cuts interest rates

Turkey’s Central Bank cuts interest rates

Effective April 11, 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 15.50% to 15% and the borrowing rate from 19.50% to 19%. 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 23.50% to 23%, while the borrowing interest rate remained unchanged at 5%.