Turkish CBT Weekly Repo Rate* (Mar) 50.0% vs. Exp. 45.0% (Prev. 45.0%)
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The Committee has also decided to adjust the monetary policy operational framework by setting the Central Bank overnight borrowing and lending rates 300 basis points below and above the one-week repo auction rate, respectively. -
Monetary policy stance will be tightened in case a significant and persistent deterioration in inflation is foreseen. - Monetary transmission mechanism will continue to be supported in case of unanticipated developments in credit growth and deposit rates.
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Stickiness in services inflation, inflation expectations, geopolitical risks, and food prices keep inflation pressures alive. - The Committee will decisively use all the tools at its disposal in line with its main objective of price stability.
Via CBRT
Reaction details (11:05)
- In reaction to the surprise hike from the CBRT, USD/TRY slumped from 32.3375 to a low of 32.1734. Note, USD/TRY was already heading lower in the minute before the release.
21 Mar 2024 - 11:00- ForexImportant- Source: Reuters
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