Turkish interest rates remain stable for second month
The Central Bank of Turkey has taken the decision to keep interest rates at their current level for the second month in a row.
Overnight borrowing rates have declined by over 10 percentage points since November 2008 following a number of cuts by the Bank which ended last month. Interest rates now stand at 6.5% for overnight borrowing and 9% for overnight lending.
In a statement the monetary policy committee noted that the moderate growth in economic activity experienced in November was "ongoing". The committee said that due to uncertainty about the rate of global market recovery "it would be necessary to keep policy rates at low levels for a long period of time."
The reputation of the Turkish economy received a boost this week following an upgrade in its investment rating from Moody. Moody increased the country's investment outlook from stable to positive.
This was said to be because of "the ability of the government and the country more generally to regroup when faced with a very significant economic and financial challenge" which helped boost Turkey's "resiliency".
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