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- Turkey: CBRT cuts policy rate by 100 basis points to 14% as expected
Turkey: CBRT cuts policy rate by 100 basis points to 14% as expected
The Central Bank of the Republic of Turkey (CBRT) announced on Thursday that it lowered its policy (one-week repo) rate by 100 basis points to 14% from 15%. This decision came in line with the market expectation.
Market reaction
With the initial market reaction, USD/TRY reached a new record high of 15.67 before retreating. As of writing, the pair was up 2.6% on the day at 15.17.
Key takeaways from policy statement
"Will follow interest rate cut decisions in 2022 Q1."
"Will monitor results of rate cuts in Q1."
"All aspects of the policy framework will be reassessed in order to create a foundation for a sustainable price stability."
"Decided to complete the use of the limited room to cut."
"The room left by supply side inflation factors has passed."
"Stability in general price level will foster macroeconomic stability and financial stability."
"This would create a viable foundation for investment, production and employment to continue growing in a healthy and sustainable way."
"Current account balance is expected to post a surplus in 2022."
"Strengthening of the improvement trend in current account balance is important for price stability objective, developments in commercial and consumer loans are closely monitored."
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