Turkey’s Central Bank on Thursday reduced its one-week repo rate 75 basis points.

The policy rate — also known as the one-week repo rate — decreased to 11.25% from 12%, the bank said in a statement issued after its first Monetary Policy Committee meeting of the New Year

The bank scheduled 12 committee meetings for 2020.

A group of 21 economists surveyed by Anadolu Agency on Monday forecast no change in interest rates.

Last year, the bank held eight MPC meetings, as interest rates fell by 1,200 basis points over the course of the year, from 24%.

Anadolu Agency

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