Central Bank of Turkey drops interest rates
Central Bank of Turkey drops the short due date interest rates validity from April 25, 2003 in which application repo-reverse repo market in the constitute of Interbank Money Market and İstanbul Stock Exchange. It announced that overnight borrowing interest rate decreased from 44% to 41% while lending interest rate dropped from 51% to 48% by the Central Bank of Turkey. In the other term, one week borrowing interest rate have dropped from 44% to 41%. In the application of Late Liquidity Window framework, the lending interest rate of Central Bank dropped from 56% to 53% in which its application at Interbank Money Market between in 16.00-16.30.However, the borrowing interest rates remain unchanged at 5%. Also, overnight and one week borrowing interest rates dropped from 47% to 44% under the open market operations framework by the way of repo process to market maker banks.