CBRT Kept the Interest Rate Unchanged at 50%

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by Giorgi Kostiuk

2 years ago

Made with AI

  1. Dollar's Reaction to the Interest Rate Decision
  2. CBRT's Statement Regarding the Decision
  3. Future Actions in Monetary Policy


    4. The Central Bank of the Republic of Turkey (CBRT) decided to leave the interest rate unchanged at 50% in September 2024 during its Monetary Policy Committee meeting. This was in line with analysts' and market participants' expectations.

    Dollar's Reaction to the Interest Rate Decision

    Following the CBRT's decision, the dollar is traded at 34.02 Turkish liras.

    CBRT's Statement Regarding the Decision

    The Monetary Policy Committee (the Committee) decided to keep the policy rate, the one-week repo auction rate, constant at 50 percent. When the monthly inflation indicators in August are examined as a whole, it is assessed that the main trend has not exhibited a significant change. The indicators for the third quarter confirm that domestic demand continues to slow down and its inflationary effect has diminished. While core goods inflation continues to be low with a limited increase, improvement in services inflation is expected in the last quarter. The Committee noted that inflation expectations and pricing behaviors continue to be risk factors for the disinflation process.

    Future Actions in Monetary Policy

    The determined stance in monetary policy will reduce the underlying trend of monthly inflation and strengthen the disinflation process through balancing domestic demand, real appreciation of the Turkish lira, and improvement in inflation expectations. The Committee decided to keep the policy rate constant, but reiterated its cautious stance against upward risks to inflation. The tight monetary policy stance will be maintained until a significant and permanent decrease is achieved in the underlying trend of monthly inflation and inflation expectations converge to the forecast range. In the event of a significant and permanent deterioration in inflation, monetary policy tools will be used effectively.

    The Committee will determine policy decisions that will reduce the underlying trend of inflation and provide monetary and financial conditions that will bring inflation to the 5 percent target in the medium term, taking into account the lagged effects of monetary tightening. Inflation and indicators of its main trend will be closely monitored, and the Committee will resolutely use all tools at its disposal in line with the primary objective of price stability.

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