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Financial News: Turkey Central Bank Maintains Key Interest Rate

Turkey Central Bank Maintains Key Interest Rate

07/21/2022 - 08:25:00 (RTTNews)

(RTTNews) - Turkish central bank kept its key interest rate unchanged for the seventh consecutive meeting even though inflation keeps on skyrocketing.

The Monetary Policy Committee of the Central Bank of the Republic of Turkey, headed by Sahap Kavcioglu, decided to hold the one-week repo rate at 14.00 percent.

"The Committee expects disinflation process to start on the back of measures taken and decisively implemented for strengthening sustainable price and financial stability along with the resolution of the ongoing regional conflict," the bank said in a statement.

Further, the bank said it will continue to use all available instruments decisively within the framework of liraization strategy until strong indicators point to a permanent fall in inflation and the medium-term 5 percent target is achieved.

In June, consumer price inflation surged to 78.62 percent, which was the strongest rate since 1998.

The one-week repo rate is likely to be left at 14.00 percent over the coming months, Jason Tuvey, an economist at Capital Economics, said.

The lira remains vulnerable to sharp and disorderly falls but, even if they were to materialize, it seems more likely that officials turn to harsh capital controls rather than interest rate hike, Tuvey noted. Investors' main hope for a policymaking shift lies in elections due in mid-2023.

Under pressure from President Tayyip Erdogan, the bank had lowered the rate by 500 basis points between September and December 2021.

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