Central Bank of Turkiye Cuts Interest Rates on Foreign Currency Accounts by 25 Basis Points

The Turkish Central Bank Lowers Interest Rate from 4.75% to 4.50% to Stimulate Financial Markets

In a strategic move aimed at invigorating the financial markets, the Central Bank of Turkiye (CBRT) has announced a 25 basis point reduction in the interest rate paid on foreign currency free accounts. This adjustment brings the rate down from 4.75% to 4.50%. The decision, effective immediately, is part of the CBRT’s broader strategy to enhance economic stability and manage liquidity within the banking system.

According to the latest data from the CBRT Markets Department, this interest rate cut specifically impacts the surplus balances held in Turkish lira-denominated and callable foreign currency deposit accounts. By adjusting the interest rates on these accounts, the Central Bank aims to encourage more active financial management and support overall economic growth in the face of fluctuating market conditions. This move underscores the CBRT’s commitment to maintaining a balanced and resilient financial environment.

Source: AA / Prepared by Irem Yildiz

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