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Central bank of Turkey is the latest, which has sought to further ease the monetary condition.
- Turkey's central bank, today cut its benchmark one-week repurchase rate by a further 25 basis points to 7.50 percent.
- Turkey had hiked the rate by 550 basis points to 10% in January 2014, to protect the value of its currency LIRA which was falling at the hint of FED tightening and soaring inflation.
- As oil price dropped, and inflation outlook eased emerging market central bankers have started rolling back their hike of 2014.
- In addition to lowering the one-week repo rate, today the bank also cut its overnight marginal funding rate on repo transactions by 50 basis points to 10.75 percent.
- Central bank has reiterated that further cuts will be inflation based.
As the monetary outlook improves, Turkish companies and govt. bonds are expected to do better. Turkey stock index is up marginally today, trading at 86400.
