Turkey’s Central Bank holds policy rate constant

By Muhammed Ali Gurtas

ANKARA (AA) - The Central Bank of Turkey (CBRT) on Thursday kept its one-week repo rate -- also known as the policy rate -- constant at 24%.

"Recently released data show that the rebalancing trend in the economy has continued," the bank said.

The decision came in a statement from the bank's Monetary Policy Committee (MPC) meeting -- the third of eight meetings scheduled for 2019.

"External demand maintained its relative strength while economic activity showed sluggish pace, partly due to tight financial conditions.

"The current account balance is expected to maintain its improving trend," the CBRT said.

Last Friday, a group of 20 economists surveyed by Anadolu Agency also forecast no change in interest rates.

In 2018, the bank held nine MPC meetings, as interest rates climbed from 8% to 24% over the course of the year.