In today's meeting, the Monetary Policy Office (MPO) of the Central Bank of the Republic of Turkey (CBRT) cut the upper band of the interest rate corridor by another 25 points to 8.75%, while it held the policy rate (one-week repurchase agreement rate) and the lower band of the corridor (borrowing rate) at 7.50% and 7.25%, respectively.

According to the Bloomberght agency, the CBRT meeting stated that necessary liquidity measures were taken in the banking sector in regard with fluctuations in the international financial markets. Notably, last month the CBRT cut the upper band of the interest rate corridor by 50 points. The bank stated its intention to simplify discount rate and interest rate corridor policy and to pass to the single interest policy.