Economy Turkish Central Bank reduces rate on one-week loans to banks

Turkish Central Bank reduces rate on one-week loans to banks

Turkey's Central Bank headquarters
Turkey’s Central Bank headquarters

(AA) – The Central Bank of the Republic of Turkey reduced the interest rate on one-week loans to commercial banks, the bank said in a statement on Monday.

The rate was cut to 4.5 percent from 7.5 for dollar borrowing and to 2.5 percent from 6.5 percent for euro borrowing, the statement said.

The rate will be effective as of March 10.

The move will make credit cheaper for businesses and consumers

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