ANKARA: The Turkish central bank on Thursday trimmed its main interest rate again by half a percentage point to 8.25 per cent after the recent rally in the lira.

The one-week repo auction rate was trimmed by 50 basis points, it said, marking the ninth consecutive cut and in line with the Bloomberg consensus.

The lira has been gaining value against the US dollar after reaching a record low earlier this month following the announcement by the bank that Qatar and Turkey had extended a 2018 swap amendment agreement.

The overall limit was increased from $5 billion equivalent of Turkish lira and Qatari riyal to $15bn, it said on Wednesday.

The move will be welcome for the economy now at risk of recession because of the coronavirus pandemic, although Ankara is seeking further swap agreements with the US Federal Reserve and other foreign central banks.

Published in Dawn, May 22nd, 2020

Opinion

Back to governance

Back to governance

While PDM has continued efforts to mount political pressure, it has been unable to force a crisis to challenge the PTI government.
Inequality virus
25 Jan 2021

Inequality virus

An Oxfam report calls for radical changes to the economic system.

Editorial

Updated 25 Jan 2021

Where the buck stops

The rights to due process and security of person are accorded to every individual in this country.
25 Jan 2021

PPP’s plan?

THE PDM faces a fresh crisis as the PPP takes a conspicuously soft position on the long march. While the PDM talks ...
25 Jan 2021

Forward guidance

THE State Bank has taken the unusual step of issuing a forward guidance in its latest monetary policy statement to...
Updated 24 Jan 2021

Delayed olive branch

THE PTI government has finally mustered up sufficient political prudence to extend an olive branch to the opposition...
24 Jan 2021

Bureaucracy reform

WHILE the intention behind the endeavour may be lauded, the civil service reform package unveiled by the government...
24 Jan 2021

Minority rights

ON Thursday, the United Nations General Assembly adopted a resolution to safeguard religious sites around the world,...