After more than one and half years the bank has reduced rates by a quarter percent.
After more than one and half years the Turkish Central Bank has reduced interest rates. The deposit rate, as loved by so many foreign investors and ex-pat savers has been reduced from 17.50% to 17.25%. The borrowing rate has also been reduced from 22.50% to 22.25%.
The bank will publish their reasons for dropping the rate in the next week but we suspect better than expected inflation figures coupled with the world ‘credit crunch’ with be the main influences.