Turkish central bank foresees limited rate cuts October 28, 2009
By Bloomberg Ankara
Turkey's central bank was likely to make "limited" cuts to the benchmark borrowing rate this year and hold it steady through next year, governor Durmus Yilmaz said yesterday.
The bank expected inflation below its target next year, assuming "policy rates are cut further by a limited amount and held unchanged until the end of 2010", Yilmaz said.
His comments signal that the deepest series of rate cuts among Group of 20 economies is coming to an end.
Yilmaz has slashed 10 percentage points from the benchmark rate in the year since the global crisis hit the economy.
The words Yilmaz used were identical to previous statements except for the word "limited", said Yarkin Cebeci, an economist at JPMorgan Chase in Istanbul. "Yilmaz emphasised that the rate cuts would be slower; hence our call for a quarter-point cut in November."
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