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CBRT keeps policy unchanged

FXStreet (Edinburgh) - Broadly in line with market consensus, the Turkish central bank has left its monetary policy stance unchanged at today’s meeting, with the Overnight Borrowing Rate at 7.25%, the Overnight Lending Rate at 10.75% and the One-Week Repo Rate at 7.50%.

The central bank acknowledged that while demand overseas remained weak, the domestic demand has contributed to the economic growth at a moderate pace during the first half of the year. The CBRT now expects the economy to shift to an export-oriented stance in the upcoming periods, sustained by the increasing demand from EU economies.

The CBRT has also emphasized the short-term benefits of lower energy prices in the domestic inflation figures, while core prices remain affected by the exchange rate level.

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