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The Turkish central bank joined the swelling ranks of central banks rushing to ease policy rates this week.
The CBRT has now cut rates back down to single digits with its own 1% interest rate cut. Following the move which echoed that of the Fed earlier this week, Turkish interest rates now sit at 9.75%.
This comes ahead of the bank’s scheduled rates meeting on March 19th. And, once again, it highlights the fragile state of the global economy as more and more central banks scramble to buffer liquidity conditions.
CBRT Joins Co-ordinated Measures
The caution with which the central bank views the current situation was clear in its statement.
The CBRT noted:
“As developments regarding the spread of the coronavirus have weakened global growth outlook, central banks in advanced and emerging economies have taken coordinated expansionary measures. The pandemic disease is closely monitored for its evolving global impact on capital flows, financial conditions, international trade and commodity p...
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