The Central Bank reduced the overnight interest half point in the last week meeting by considering the decrease in the inflation and the positive developments in the global market.The banks have made a 0.13 percent discount on housing credit interests.
After a 13 month break, the discount started with a quarter point in March and continued faster in April. A door was left open for the upcoming months with the 0.75 percent discounts in the last 2 months.The market expects more half point discounts for the next 2-3 months each,if there wont be any dramatical changes after the overnight interests have been decreased to 10 percent.
The funds which are used by the banks continued their recession by their main average after the Central Bank reduced the upper band of the corridor. On Friday,decreased the main average of fund expenses until 8.45 and this encouraged the banks to reduce the credit interests.
Finally ,the banks made the most remarkable credit interest discounts in the recent years. After the global capital trend turned to a positive way ,the discount process,in the interests will give to many firms and households the opportunity to use a credit. This will support the investments,productions and consumptions to increase the growth.
A fine adjustment for the deposit interest
The banks started to make a coarse adjustment in credit interest while they make fine adjustments for the deposit interests. Because they did this coarse adjustment last week.
They continued last week the decrease in the deposit interest but went on an increase on the 6th month deposit interest.The 6 month deposit interest became the highest rate among all the terms because of the increase.