ISTANBUL

The Turkish Central Bank on Thursday kept its one-week repo rate constant at 8.25%.

A statement from the bank’s sixth of 12 Monetary Policy Committee (MPC) meetings scheduled for 2020 said the bank decided to keep the one-week repo auction rate constant at 8.25%.

In May, the Central Bank cut its interest rate 50 basis points to 8.75% from 9.25%.

Since the beginning of this year, the bank has cut the rate 375 basis points.

In 2019, the bank cut the rate gradually by 1,200 basis points to 12% from 24%.

An Anadolu Agency survey, with a participation of 20 economists, on Tuesday forecast 25 basis points drop in one-week repo rate.

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