Turkey's Central Bank eases interest rates

Turkey’s Central Bank eases interest rates

Effective November 9, 2005, Turkey's Central Bank (TCMB) cut short-term interest rates by 0.25 points. An announcement from the TCMB confirms that the overnight borrowing rates was reduced from 14 percent to 13.75 percent and the borrowing rate from 18 percent to 17.75 percent. 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 22 percent to 21.75 percent, while the borrowing interest rate remained unchanged at 5 percent. Furthermore, TCMB indicates that the year-end target of inflation will be in line with the expectations.