Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Turkey's Banks “Expected” to Cut Rates on Monday -Sources


Mon 25 Oct 2021 | 01:13 AM
Taarek Refaat

Turkey's state banks are expected to cut rates by around 200 basis points on Monday, following last week's unexpectedly rate cut by the central bank, sources told Reuters.

The biggest three public Banks, Ziraat, Halk and Vakif are expected to cut rates on corporate, inpidual, mortgage and loans.

Last week's rate cut to 16% shocked markets and was twice as estimated

The cut sent the lira to a record low and boosted yields on the 10-year government bonds to 20.53%.

Usually a sharp drop in rates could help businesses, yet, it raises inflation, pushing lira toward depreciation.