Turkey’s Central Bank keeps policy rate unchanged
The Turk sh Central Bank on October 25 held ts one-week repo rate - also known as the bank’s pol cy rate - constant at 24 percent. The dec s on came n a statement from the Bank’s Monetary Pol cy Comm ttee. October 25’s comm ttee meet ng s the seventh of e ght meet ngs scheduled for the year. At the last meet ng on September 13, the Bank h ked ts pol cy rate by 625 base po nts, from 17.75 percent to 24 percent. The Bank sa d the rebalanc ng trend n the economy has become more not ceable. External demand ma nta ned ts strength, partly due to t ghter f nanc al cond t ons, wh le the slowdown n econom c act v ty cont nued, accord ng to the bank. “Although weaker domest c demand cond t ons w ll part ally m t gate the deter orat on n the nflat on outlook, ups de r sks on pr c ng behav or cont nue to preva l. Accord ngly, the comm ttee has dec ded to ma nta n the t ght monetary pol cy stance,” the Bank sa d, add ng t w ll cont nue to use proper tools to ach eve pr ce ts stab l ty object ve.