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Thursday, June 17, 2010

Turkish Central Bank Leaves Benchmark Rate Unchanged (Update1) - BusinessWeek

"Turkish Central Bank Leaves Benchmark Rate Unchanged (Update1)
June 17, 2010, 12:49 PM EDT

By Steve Bryant

June 17 (Bloomberg) -- Turkey’s central bank left its benchmark interest rate unchanged as inflation slowed and debt problems in Europe threatened the country’s economic recovery.

The central bank in Ankara kept its one-week repo lending rate at 7 percent, according to an e-mailed statement today. That matched the estimate of all 12 economists in a Bloomberg survey. The bank will release the minutes of the meeting within eight working days.

Turkey’s inflation rate dropped to 9.1 percent in May from 10.2 percent a month earlier, confirming the bank’s predictions of a slowdown. Inflation will ease further toward the end of the year and European debt problems mean that “uncertainty over external demand is growing,” the bank said in today’s statement."

More:Turkish Central Bank Leaves Benchmark Rate Unchanged (Update1) - BusinessWeek