Central Bank of Turkey slashes overnight borrowing rate by 125 bps to 15%

By Richard Connell

New York, Dec. 18 - The Monetary Policy Committee of the Central Bank of Turkey cut its overnight borrowing rate by 125 basis points to 15% at its meeting on Thursday, according to a press release issued by the bank.

The committee noted that the ongoing problems in the international credit markets and the global economy have caused a slowdown in the domestic economy, leading to downward pressures on inflation.

The committee also pointed out that the decline in oil and other commodity prices were further helping to slow the pace of price increases.

Inflation declined to 10.8% in November, still well above the inflation target of 7.5% for 2009.

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