CBRT Governor Fatih Karahan's 'interest rate' message: 'We are ready'
In a statement following interest rate cut decisions, CBRT Governor Fatih Karahan noted that Turkey is facing economic risks and sent a message that they are "ready to act."
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Central Bank of the Republic of Turkey (CBRT) Governor Fatih Karahan spoke about interest rate cuts during his speech at a conference on emerging market economies held in Saudi Arabia on Sunday.
Stating that the Central Bank has been gradually cutting interest rates since December, Karahan said that they lowered the policy rate by 250 basis points each in December and January.
'WE ARE READY' MESSAGE
Stating that there are uncertainties regarding monetary policy in developed economies, particularly in the US, Karahan reported that this poses a risk for emerging market economies, including Turkey, adding, "This means that central banks need to act very carefully. Risks exist for many reasons, and we are ready to act."