Turkish minutes flag instability in lending markets
Minutes published on Monday by the Central Bank of Turkey show rate-setters favoured fixing the repo rate at 7% to eliminate fluctuations around the 7% interest rate for one week repo auctions.
The minutes, of the central bank's 18 May policy meeting, show that the one week repo rate, which becomes the new policy rate, is set at 7% - 50 basis points above the overnight borrowing rate.
The minutes show that consumer prices increased by 0.60% in April. Annual inflation was up 0.63 percentage
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