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The central bank said on Monday it had decided to complete the process of simplifying monetary policy and that the week-long repurchase rate would be the key interest rate at an level equal to the current financing rate of 16.5 percent.
For years, the bank has relied on a complex multi-interest system that economists say limits monetary policy predictability. The funding was made through the window of the emergency lending window, which rose by three percentage points last week to 16.5 percent to support the lira.
The new system will be introduced on June 1, the central bank said in a statement. The rate of overnight borrowing and lending will be set at 150 basis points above or below the repo rate.
The Turkish currency rose to 4.6070 lira to the dollar after announcing from Friday's closing level of 4.7052. But has remained low at 18 percent since the beginning of the year.
The currency rose in early trade after economists said it was a hint earlier this week that central bank governor Murat Gitinkaya was in imminent move to streamline politics.
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