By Muhammed Ali Gurtas
ANKARA (AA) - The Central Bank of the Republic of Turkey (CBRT) on Monday announced that it had decided to complete the simplification process regarding the operational
framework of the monetary policy.
"One-week repo rate will be the policy rate of the Central Bank," it said. "This rate will be equal to the current funding rate (16.5 percent)."
"Central Bank overnight borrowing and lending rates will be determined at 150 basis points below/above the one-week repo rate," the CBRT added.
The bank stated that the new operational framework will take effect on June 1.