May 28, 2018 / 8:40 AM / a year ago

Turkish central bank says to complete policy simplification, repo to be policy rate

ISTANBUL, May 28 (Reuters) - Turkey’s Central Bank said on Monday it decided to complete the simplification process regarding monetary policy, with the one-week repo rate to be the policy rate, at a level equal to the current funding rate, or 16.5 percent.

In a statement, the central bank said the new operational framework will take effect on June 1. It said the overnight borrowing and lending rates will be determined at 150 basis points below and above the one-week repo rate. (Reporting by Daren Butler Editing by Ezgi Erkoyun)

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