No change to Turkish interest rates as economic activity recovers
Interest rates in Turkey are to remain unchanged following a decision by the Central Bank on Thursday December 17th.
The bank took the decision following "a moderate pace of recovery in the economic activity". It added that interest rates were likely to remain at low levels in the medium term.
Since last November, the interest rate has been cut by more than ten percentage points in a bid to cushion the economy against the global economic crisis. Overnight borrowing rates for the country stand at 6.50%.
The Monetary Policy Committee noted that "the cumulative policy rate cuts implemented since November 2008 and the improvements in global risk perceptions have started to exert favourable effects on credit markets".
One sector of the Turkish economy which performed particularly well in 2009 was tourism. The Hurriyet Daily News reported last week that the country had surpassed its target of 25 million foreign visitors this year.
Tourism minister Ertugrul Gnay said that "per capita tourist income is expected to rise above the world average" for the country in 2010.
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