World Business NewsA round up of the latest news for those doing business internationally
Turkey rate cut shocks market
Zone(s): Turkey ¦ Sector(s): Banking, Economy
[25 June 2014, CITY AM.] By Michael Bird: The Turkish central bank announced another rate cut yesterday, surpassing market expectations with a 0.75 percentage point cut in its benchmark rate. The move brings the bank’s main policy rate to 8.75 per cent, easing for the second straight month. “Even though inflation is well above target and the current account deficit remains large, the monetary policy committee faces significant government pressure to ease policy… Further rate cuts are on the cards,” said William Jackson of Capital Economics.