May 24, 2016 / 11:11 AM / a year ago

Turkey's cenbank says to maintain tight monetary policy after trimming upper band

ISTANBUL, May 24 (Reuters) - Turkey's central bank said on Tuesday it would maintain a tight monetary policy in view of inflation expectations and pricing behaviour, after it trimmed the upper band of its rate corridor as expected.

The bank also said in a statement that inflation displayed a marked decline, mainly due to unprocessed food prices.

As expected, the bank kept its benchmark rate on hold for the 15th straight month at Tuesday's meeting, its second under new Governor Murat Cetinkaya. It cut the upper end of its rate corridor for the third straight month, reducing it by 50 basis points to 9.50 percent. (Reporting by Daren Butler; Writing by Seda Sezer; Editing by David Dolan and Ralph Boulton)

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