The Central Bank has reduced the interest rate to be paid for free foreign exchange accounts by 75 basis points.

The Central Bank of the Republic of Turkey (CBRT) has made a regulation for foreign currency accounts prior to the policy interest rate.

Accordingly, CBRT has reduced the interest rate to be paid to freely held foreign currency accounts by 75 basis points.

With the decision, the interest rate applied to the portion of Turkish Lira-denominated and notified foreign exchange deposit account balances established with interest has been reduced from 4.50% to 3.75%.

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

It is expected that CBRT will keep the interest rate at 50% for the sixth consecutive time. Market participants will focus on changes in the meeting text regarding the interest rate decision.