Turkey: Survey forecasts no change in interest rates

By Murat Aslan

ISTANBUL (AA) - The Turkish Central Bank is expected to keep interest rates constant this week, according to a panel of economists surveyed by Anadolu Agency on Monday.

On Thursday, the bank will hold its first Monetary Policy Committee (MPC) meeting this year to announce its decision about interest rates.

Among 34 economists surveyed by Anadolu Agency, six economists expect a rise of 50 to 100 base point in one-week repo rate, while all the others foresee no change in interest rates.

According to its schedule, the bank will hold twelve MPC meetings this year.

In its last meeting on Dec. 24, the Central Bank increased the one-week repo rate by two percentage points, from 15% to 17%, above market expectations.

Over the course of last year, starting with a rate of 12%, the bank raised its benchmark policy rate a total of 500 basis points.