Breaking: CBRT leaves policy rate unchanged at 14%, USD/TRY remains stuck in a range

FXStreet Team FXStreet

The Central Bank of the Republic of Turkey (CBRT) announced its policy decision this Thursday and left the one-week repo rate unchanged at 14%, in line with the market expectations.

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Market reaction

The Turkish lira moved little in reaction to the announcement, with the USD/TRY hovering near the lower end of a one-week-old trading range, below mid-13.00s.

Key takeaways from the accompanying policy statement:

A comprehensive review of the policy framework is being conducted with the aim of prioritizing the Turkish lira in all policy tools.
Expect the disinflation process to start on the back of measures taken.
Seeing sustainable price and financial stability along with the decline in inflation owing to the base effect.
Inflation in the recent period has been driven by distorted pricing behaviour due to unhealthy price formations in fx.
Inflation is also affected by supply-side factors, commodities.
The cumulative impact of the recent policy decisions being monitored.

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FXStreet Team

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