Turkish central bank continues monetary ‘simplification’ process
Upper band of interest rate corridor cut to 9.5%
The Central Bank of the Republic of Turkey (CBRT) continued the process of monetary ‘simplification' on May 24 as it cut its overnight lending rate to 9.5%, continuing a trend it started in March.
This was the second consecutive cut governor Murat Çetinkaya has presided over since taking office in April.
The overnight rate forms the upper band of the central bank's corridor system, and the central bank says it has been working to narrow the corridor as part of plans to "normalise" its policy
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