| || || || The reduction, announced on Wednesday, covered rates for the Interbanks Monetary Market, the Istanbul Stock Exchange (IMKB) and Repo-Reverse Repo Market according to the Central Bank statement. |
With the reduction, the borrowing interest rate was decreased from 35 percent to 32 percent and overnight lending interest rate was reduced from 41 percent to 38 percent. The rates for one week borrowing was reduced from 35 percent to 32 percent.
The Central Bank cited continuing positive trends in rate of inflation and the ongoing success of the governments economic restructuring program as being the major factors in the decision to cut interest rates.