Financial News: Turkey Keeps Interest Rate On Hold

Turkey Keeps Interest Rate On Hold

07/23/2024 - 08:28:00 (RTTNews)

(RTTNews) - Turkey central bank kept its key interest rate at the current level for the fourth straight meeting on Tuesday.

The Monetary Policy Committee of the Central Bank of the Republic of Turkey, or CBRT, governed by Yasar Fatih Karahan decided to maintain the policy rate at 50.0 percent.

Previously, the bank had lifted the policy rate by a sharp 500 basis points in March.

The MPC reiterated that the tight monetary stance will be maintained until a significant and sustained decline in the underlying trend of monthly inflation is observed, and inflation expectations converge to the projected forecast range.

In June, consumer price inflation eased for the first time in seven months, to 71.60 percent from May's 18-month high of 75.45 percent.

Capital Economics' economist Nicholas Farr said the communication accompanying the decision indicates that interest rate cuts are still some way off.

Although most analysts forecast a monetary loosening cycle to start in the fourth quarter this year, the first interest rate cut won't be delivered until 2025, Farr added.

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