Turkey’s central bank on Thursday cut its benchmark interest rate further to 7.25% from 7.75% even as tentative signs emerged that the country’s economy is stabilizing.
“Turkey still seems to be in the lower-for-longer camp,” said Timothy Ash, chief emerging-markets economist for Royal Bank of Scotland.
Investors expected the latest rate cut, but also expect it to be last of a dramatic series as the central bank slashed its policy rate from 16.75% last November. Short-term debt markets point to a floor for rates of around 7%.
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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