Central Bank issues interest rate decision for foreign currency accounts following Fed

Following the Federal Reserve's 50 basis point interest rate cut, the Central Bank of the Republic of Türkiye (TCMB) has lowered the interest rate to be paid on foreign currency free accounts to 3.75 percent.

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Central Bank issues interest rate decision for foreign currency accounts following Fed

The Central Bank of the Republic of Türkiye (TCMB) has made a regulation regarding foreign currency accounts ahead of its policy rate decision.

Accordingly, the TCMB has reduced the interest rate to be paid on foreign currency free accounts held with it by 75 basis points.

The decision was influenced by the US Federal Reserve's (Fed) 50 basis point interest rate cut.

With this decision, the interest rate applied to the portion of Turkish Lira-denominated and notice-based foreign currency deposit account balances established with interest has been reduced from 4.50 percent to 3.75 percent.

The Central Bank will announce its policy rate decision today at 14:00.

The TCMB is expected to keep the interest rate steady at 50 percent for the sixth consecutive time. Market participants will focus on changes in the meeting text regarding the interest rate decision.

News Source: 12punto