Turkey’s Central Bank announces interest rate decision
The Central Bank’s (CBRT) Monetary Policy Committee (PPK) lowered the policy interest rate to 9 percent with a 150 basis point discount at its meeting today.
The statement said, “The Board has assessed that the current policy rate is at an adequate level, taking into account the increasing risks related to global demand, has decided to end the interest rate reduction cycle initiated in August” giving the message that no additional interest rate cuts would be made in December.
After the decision, the dollar / TL exchange rate is horizontal at the level of 18.63.
IN SINGLE DIGITS AFTER 2 YEARS
For the first time after September 2020, the one-week repo interest rate fell to single digits. President Tayyip Erdogan had previously announced that the policy interest rate would be reduced to a single digit.
