Today’s decision by the Central Bank of Turkey (CBRT) to cut its overnight lending rate – which forms the upper bound of its “interest rate corridor” – is a largely symbolic move that is most likely aimed at placating government ministers that have criticised the Bank for not doing enough to revive growth. In practice, market interest rates have already fallen to the bottom end of the CBRT’s corridor – and lingering concerns over the current account will prevent the lower bound from being cut for now.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services