USD/TRY drops below 8.10 after new CBRT Chief says April rate cut is not guaranteed
|“April rate cut is not guaranteed,” the newly appointed Central Bank of the Republic of Turkey (CBRT) Governor Şahap Kavcıoğlu said in a statement on Monday.
Additional quotes
“Do not think "prejudiced" expectations for quick rate cut are right.”
“Strongly committed 5% inflation target.”
“The 1-week repo rate continues to be the main policy tool for the central bank.”
“Will use monetary policy tools independently.”
USD/TRY is back in the red
USD/TRY ran through fresh offers on the above comments, as the Turkish lira firmed up. The spot currently trades at 8.0877, down 0.56% on a daily basis.
The cross looks to stabilize above the 8.00 mark after a spike seen last Monday on the central bank upheaval.
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