Money Bank Rate Cut Hits Savers Again
Wednesday, 28 November 2007 02:33
The central bank cuts interest rates again and has indicated that further cuts will follow.
The central bank cut Turkish interest rates for the third month in a row. The rate was cut by 0.5% and the base rate now stands at 16.25%. The bank has indicated that further cuts will follow through “cautious and measured lowering”.
The rate cut has already had a small effect on the exchange rate with the value of the Lira falling against major currencies.
The latest reduction will be a further blow to savers who will see their monthly interest payments reduce.
Next week we’ll be looking at ex-pat personal finances and at the pros and cons of ‘living off the interest in the sun’.
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