The Central Bank of the Republic of Turkey (CBRT) Monetary Policy Committee convened today under the chairmanship of Central Bank Governor Şahap Kavcıoğlu.
Central Bank of Turkey Republic, cut the policy rate by 100 basis points to 12 percent.
THE FIRST INTEREST REDUCTION OF THE YEAR WAS REALIZED
In the previous meeting, the bank changed the policy rate and reduced it to 13 percent.
EXPECTATIONS WERE TO KEEP FIXED
Credit rating agency Fitch He stated that they expect the CBRT to keep the interest rates constant until after the Presidential elections. Speaking in the webinar on commodity prices, inflation and increasing interest rates in Turkey, the Middle East and Africa, Fitch official said that they expect interest rates to be increased after the elections in Turkey.
In the Reuters poll While the expectation for this month is that the policy rate will be kept constant at 13 percent, the minority rate cut is also forecast.
In the expectation survey of AA Finans The interest rate is expected to be kept constant. Nine of the economists who participated in the survey, which was attended by 29 economists, expected a 100 basis point cut in the policy rate, while 1 expected a 50 basis point cut.
In the Bloomberg HT survey interest rate cut expectations. In the survey, in which 17 institutions participated, 9 institutions expect a discount. Eight of the institutions announced a 100 basis point rate cut and one 50 basis point rate cut expectation.
BEFORE THE DECISION, THE DOLLAR HAS HIGH
Finally, the dollar, which saw 18.36 liras on December 21, 2021, rose to the level of 18.38 liras before the Central Bank’s decision, and renewed its peak.
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