Turkey's Central Bank lowers interest rates

Turkey’s Central Bank lowers interest rates

Effective October 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 rate was reduced from 14.25 percent to 14 percent and the borrowing rate from 18.25 percent to 18 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 22.25 percent 22 percent, while the borrowing interest rate remained unchanged at 5%.