Economists expect interest rates to drop in Turkey

Economists, surveyed by Anadolu Agency on Monday, predicted that the Central Bank of Turkey (CBRT) will further reduce interest rates.

The Monetary Policy Committee (MPC) will hold a meeting on Thursday for the seventh time this year to determine the bank's decision on interest rates.

A group of 14 economists expect an average drop of 100 basis points in one-week repo rate -- the lowest estimate at 50 basis points and the highest at 200.

In the previous meeting, the MPC decided to cut interest rates by 325 basis points from 19.75% to 16.50%.

After Thursday's meeting, the bank will hold one more committee meeting this year.

In 2018, the CBRT held nine MPC meetings as interest rates climbed from 8% to 24% over the course of the year.