Turkey's bank sees inflation but leaves interest rates unchanged

By Laura Lutz

Des Moines, April 17 - The Central Bank of the Republic of Turkey's Monetary Policy Committee decided to keep interest rates unchanged despite a deteriorating outlook for inflation, according to a news release issued after the committee's April 17 meeting.

Rising food and energy prices, along with uncertainties in the global economy, have worsened inflation expectations and increased the upside risk on inflation, the release said.

The committee said it will be more responsive to bad news than good news and will consider a "measured tightening" if necessary in order to prevent fallout from the deterioration of inflation expectations.

The overnight interest borrowing rate is 15.25%, and the overnight interest lending rate is 19.25%.

The late liquidity window interest borrowing rate between 4 p.m. and 5 p.m. is 11.25%, and the corresponding lending rate is 22.25%.

The interest rate on overnight and one-week maturity borrowing facilities provided for primary dealers via repo transactions is 18.25%

A complete summary of the meeting is scheduled for release within eight business days.

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