Turkey.. The central bank fixes interest at 8.5 percent

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On Thursday, the Central Bank of Turkey announced fixing the interest rate at 8.5 percent on “repo” repurchases for a week.

This came in a statement following the meeting of the Turkish Central Bank’s Monetary Policy Committee, chaired by the bank’s governor, Shihab Qawuji Oglu, in the capital, Ankara.

The committee indicated that the recently announced data on economic activity “were at more positive levels than expected, but despite this, recession fears persisted in advanced economies, and conditions threatening financial stability emerged due to the impact of geopolitical risks and high interest rates.”

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It stated that the earthquake that occurred in the south of the country on February 6 will have an impact on economic activity in the short term, but it is not expected that the impact will be permanent on the performance of the Turkish economy in the medium term.

The Committee considered that the stance of monetary policy is sufficient to support the necessary recovery after the earthquake by maintaining price stability and financial stability.

On February 23, the Turkish Central Bank cut the interest rate by 50 basis points (from 9 percent to 8.5 percent).