FOREX TradingCharts.com

Financial News: Turkey Central Bank Slashes Rate Again By 100

Turkey Central Bank Slashes Rate Again By 100 Bps

12/16/2021 - 06:33:00 (RTTNews)

(RTTNews) - Turkey's central bank slashed its key interest rates sharply for the fourth straight month despite the continuing fall in the currency lira.

The Monetary Policy Committee of the Central Bank of the Republic of Turkey, governed by Sahap Kavcioglu, decided to cut the one-week repo rate by 100 basis points to 14.00 percent from 15.00 percent.

Under pressure from President Tayyip Erdogan, the bank had lowered the rate by 500 basis points since September.

"The Committee decided to complete the use of the limited room implied by transitory effects of supply-side factors and other factors beyond monetary policy's control on price increases and reduced the policy rate by 100 basis points," the bank said in a statement.

The bank said cumulative impact of the recent policy decisions will be monitored in the first quarter of 2022 and during this period, all aspects of the policy framework will be reassessed in order to create a foundation for a sustainable price stability.

Policymakers said the increase in inflation in November has been driven by developments in exchange rates and supply side factors. Further, the committee viewed that domestic economic activity remains strong, with the help of robust external demand

Turkey's central bank shrugged off a currency crisis, rising inflation as well as the recent hawkish turn from the Fed and remained obedient to President Erdogan, Jason Tuvey, an economist at Capital Economics, said.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


UK Govt Borrowings Stay Below OBR Forecast (23 min(s), 51 sec(s) ago)
(RTTNews) - The UK government borrowing remained below the forecast of the Office for Budget Respo ...Full Story»

Hungary Average Gross Wages Increase In November (01 hr(s), 47 min(s), 51 sec(s) ago)
(RTTNews) - Hungary's average gross earning growth accelerated in November, figures from the H ...Full Story»

Turkish Manufacturing Capacity Utilization Declines In January (01 hr(s), 48 min(s), 51 sec(s) ago)
(RTTNews) - Turkey's manufacturing capacity utilization rate decreased in January, figures fro ...Full Story»

UK Manufacturers Expect Order Growth To Slow: CBI (01 hr(s), 59 min(s), 51 sec(s) ago)
(RTTNews) - The UK manufacturers expect total new order growth to slow in coming three months, ref ...Full Story»

Spain Producer Price Inflation At Record High (02 hr(s), 19 min(s), 51 sec(s) ago)
(RTTNews) - Spain's producer price inflation accelerated for an eleventh month in December to ...Full Story»

Lithuania Industrial Production Rises In December (02 hr(s), 38 min(s), 51 sec(s) ago)
(RTTNews) - Lithuania's industrial production increased in December, figures from Statistics L ...Full Story»

Germany Ifo Business Confidence Strengthens In January (03 hr(s), 04 min(s), 51 sec(s) ago)
(RTTNews) - German business confidence improved at the start of the year as companies expect the d ...Full Story»

Finland Jobless Rate Falls In December (04 hr(s), 39 min(s), 51 sec(s) ago)
(RTTNews) - Finland's jobless rate declined in December, figures from Statistics Finland showe ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

UK Govt Borrowings Stay Below OBR Forecast

01/25/2022 - 08:06 AM (RTTNews)
(RTTNews) - The UK government borrowing remained below the forecast of the Office for Budget Respo ...Full Story>>

Hungary Average Gross Wages Increase In November

01/25/2022 - 06:42 AM (RTTNews)
(RTTNews) - Hungary's average gross earning growth accelerated in November, figures from the H ...Full Story>>

Turkish Manufacturing Capacity Utilization Declines In January

01/25/2022 - 06:41 AM (RTTNews)
(RTTNews) - Turkey's manufacturing capacity utilization rate decreased in January, figures fro ...Full Story>>

UK Manufacturers Expect Order Growth To Slow: CBI

01/25/2022 - 06:30 AM (RTTNews)
(RTTNews) - The UK manufacturers expect total new order growth to slow in coming three months, ref ...Full Story>>

Spain Producer Price Inflation At Record High

01/25/2022 - 06:10 AM (RTTNews)
(RTTNews) - Spain's producer price inflation accelerated for an eleventh month in December to ...Full Story>>

Do not sell my personal information

Copyright © 2022. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.