Liquidity adjustment facility

Turkey's Central Bank cuts interest rates 100 bps

The Central Bank of Turkey on April 22 reduced its one-week repo rate 100 basis points.

The bank's policy rate -- also known as the one-week repo rate -- fell to 8.75% from 9.75%.

The decision came in a statement from the bank's Monetary Policy Committee (MPC) meeting -- the fourth of twelve meetings scheduled for 2020.

Turkish Central Bank cuts policy rate full point

Addressing concerns of the fallout from coronavirus, in an extraordinary meeting on March 17 the Turkish Central Bank Monetary Policy Committee (MPC) cut its policy rate from 10.75 to 9.75.

The bank was set to meet on March 19, but with fears of the virus mounting, and cases climbing worldwide, the meeting was moved up.

Turkish Lira rallies as Central Bank makes expected rate cut

The Turkish Lira has rallied after Murat Çetinkaya kicked off his first meeting as Central Bank governor on April 20 by trimming the top end of the Bank's interest rate corridor by 50 basis points, in line with expectations. 

The lira bounced to around 2.81 against the U.S. dollar from 2.83 after the Bank announced its rate decision.