Economists surveyed by Anadolu Agency (AA) yesterday predicted that the Central Bank of the Republic of Turkey (CBRT) will further reduce interest rates.

The Monetary Policy Committee (MPC) will hold a meeting on Thursday for the seventh time this year to determine the bank's decision on interest rates.

A group of 14 economists expect an average drop of 100 basis points in the one-week repo rate – the lowest estimate at 50 basis points and the highest at 200.

In the previous meeting, the MPC decided to cut interest rates by 325 basis points from 19.75% to 16.50%.

After Thursday’s meeting, the bank will hold one more committee meeting this year. In 2018, the CBRT held nine MPC meetings as interest rates climbed from 8% to 24% over the course of the year.