New Turkish governor presides over cut at first meeting

Murat Çetinkaya
Murat Çetinkaya presided over a cut at his first meeting as governor. Photo: CBRT

The Central Bank of the Republic of Turkey (CBRT) continued to ease its monetary policy today (April 20), in its first decision under new governor Murat Çetinkaya.

Rather than cutting its benchmark one-week repo rate, the CBRT cut the overnight lending rate 50 basis points to 10%, continuing a trend started last month.

The overnight rate forms the ceiling of the central bank's corridor system, and the CBRT has been working to narrow the corridor as part of plans to "normalise" its policy

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