May 28, 2018 / 9:36 AM / 23 days ago

Turkish central bank says simplifies monetary policy, lira firms

ISTANBUL, May 28 (Reuters) - Turkey’s Central Bank said on Monday it completed the process of simplifying its monetary policy and that the one-week repo rate would be the policy rate.

The Turkish lira firmed to 4.56 following the announcement from 4.5850 beforehand.

The simplified monetary policy will go into effect on June 1, it said in an earlier statement, adding that the one-week repo rate will be the bank’s policy rate, at a level equal to the current funding rate, or 16.5 percent. (Reporting by Nevzat Devranoglu and Ezgi Erkoyun Writing by Ali Kucukgocmen Editing by Ece Toksabay)

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