turkey’s cb monetary tightening to continue
Last Updated : GMT 12:11:47
Arab Today, arab today
Arab Today, arab today

Turkey’s CB: Monetary tightening to continue

Arab Today, arab today

Arab Today, arab today Turkey’s CB: Monetary tightening to continue

Istanbul - Arabstoday

Turkey’s central bank (CB) will continue with controlled monetary tightening to lower inflation to its 5 per cent target, Governor Erdem Basci said on Wednesday, undermining expectations of a cut in at least one of its main rates. Basci also said at a conference that the bank will do whatever necessary to lower inflation but will not harm the banking sector in doing so. Turkish annual inflation is currently running at more than 10 per cent. The tone of his comments contrasted starkly with last week, when he told a conference in the regional city of Adana that the bank could narrow the interest rate corridor if necessary -read by markets as a pointer to looser policy. “After these comments, especially controlled monetary tightening, talk may start in the market on whether the central bank may not lower interest rates,” said Gizem Oztok Altinsac, an economist at Garanti Securities. “This is supporting the lira. We are maintaining our 50 basis point rate cut expectation,” said Altinsac. The lira strengthened to 1.8102 versus the dollar after Basci’s comments from 1.8150 beforehand. Against its euro-dollar basket, the lira traded unchanged at 2.1116 in early on Wednesday trade, after touching its weakest level on Tuesday since mid-January of 2.1177. The bank is torn between the need to defend the lira and hold down inflation by keeping market funding tight, and supporting the economy with stimulus as growth slows from double digit rates seen at the start of last year. In a move that supported the lira, officials cut total funding in one-week and one-month repo auctions to 45 billion lira last on Friday from 51 billion in early March. But the currency was weakened by Basci’s suggestion last week that the bank could narrow the interest rate corridor, the gap between its overnight lending and borrowing rates, as it expects inflation to fall to single digits by May while growth will almost come to a halt. Bank officials gave no signal of moves to support the lira during a meeting with economists on Tuesday although they did say it would closely monitor oil prices, analysts said.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

turkey’s cb monetary tightening to continue turkey’s cb monetary tightening to continue

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

turkey’s cb monetary tightening to continue turkey’s cb monetary tightening to continue

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Saudis clear passenger flights

GMT 08:38 2017 Saturday ,25 November

Saudis clear passenger flights
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Germany's SPD says ready for talks

GMT 11:28 2017 Saturday ,25 November

Germany's SPD says ready for talks
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today 'Trash islands' off Central America indicate

GMT 20:19 2017 Friday ,24 November

'Trash islands' off Central America indicate
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today UK budget aims for driverless cars

GMT 12:11 2017 Saturday ,25 November

UK budget aims for driverless cars
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today Heidy underlines works like “Seventh Neighbor”

GMT 13:59 2017 Thursday ,23 November

Heidy underlines works like “Seventh Neighbor”
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead

GMT 07:56 2017 Wednesday ,22 November

Solaf happy for participating in “Hotline”

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 07:53 2017 Friday ,24 November

To Debate Ethics of Euthanasia

GMT 10:39 2017 Thursday ,23 November

Air China suspends flights to North Korea

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday