Turkish Central Bank may raise interest rates: Survey

The Turkish Central Bank is expected to increase interest rates, according to an Anadolu Agency survey on Monday.

The Monetary Policy Committee (MPC) meeting will be held on Thursday to announce the bank’s decision on interest rates.

All 27 economists surveyed predicted a rise in interest rates, ranging between 200 and 550 basis points. The median of economists’ expectations for the policy rate for November was 475 basis points.

The survey also showed that economists’ average year-end interest rate forecast is 15.25%, ranging from 13.75% to 16.25%.

Last month, the Central Bank kept its one-week repo rate – also known as the bank’s policy rate — steady at 10.25%.

Last year, in eight meetings, the bank cut the rate by a total of 1,200 basis points, from 24%.

After holding eight meetings last year, this year the bank boosted the number of MPC meetings to 12.

Source: Anadolu Agency