Business leaders expect lower borrowing costs after Turkish Central Bank rate cut

Uncategorized Faizah Kamal 13-Dec-2019

Business leaders have welcomed the Turkish Central Bank’s move to lower its main policy rate by 200 basis points to 12 percent, expressing hopes that lenders would follow suit and decrease their interest rates on loans.

Since the beginning of this year, the country’s Central Bank has delivered a total of 1,200 basis points rate cut, bringing the one-week repo rate down from 24 percent.

“Those rate cuts will support investment and job creation in the period ahead and economic growth will gain traction,” stated Nail Olpak, the head of Foreign Economic Relations Board (DEİK).