FOREX TradingCharts.com

Financial News: Turkey's Central Bank Holds Rate At 19.00%

Turkey's Central Bank Holds Rate At 19.00%

04/15/2021 - 07:32:00 (RTTNews)

(RTTNews) - Turkey's central bank maintained its key interest rate, as widely expected, at the first meeting rate-setting meeting of Sahap Kavcioglu as the governor.

The Monetary Policy Committee of the Central Bank of the Republic of Turkey decided to hold the key one-week repo rate to 19.00 percent.

President Tayyip Erdogan appointed Sahap Kavcioglu as the new central bank governor after the bank lifted the interest rates by 200 basis points at the March meeting under the leadership of Naci Agbal.

During Agbal's short tenure, the key one-week repo rate was raised by 875 basis points.

At the rate-setting meeting, the MPC said the decelerating impact of the current monetary stance on credit and domestic demand is envisaged to become more significant in the upcoming period.

Accordingly, the MPC decided to maintain the tight monetary policy stance by keeping the policy rate unchanged.

The bank said it will continue to use decisively all available instruments in pursuit of the primary objective of price stability.

"The policy rate will continue to be determined at a level above inflation to maintain a strong disinflationary effect until strong indicators point to a permanent fall in inflation and the medium-term 5 percent target is reached," the bank said.

With the one-week repo rate at 19.00 percent and inflation at 16.2 percent, that already offers scope to reduce rates, William Jackson, an economist at Capital Economics, said.

While the decision suggests that the risks to year-end forecast for the one-week repo rate to be cut to 10.0 percent by year-end now lie to the upside, significant easing still appears to be on the cards, the economist added.

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


Singapore Non-Oil Domestic Exports Tumble 8.8% On Month In April (42 min(s), 37 sec(s) ago)
(RTTNews) - The total value of non-oil domestic exports in Singapore was down 8.8 percent on month ...Full Story»

Japan Producer Prices Rise 0.7% On Month In April (01 hr(s), 28 min(s), 37 sec(s) ago)
(RTTNews) - Producer prices in Japan were up 0.7 percent on month in April, the Bank of Japan said ...Full Story»

New Zealand Service Sector Accelerates In April - BusinessNZ (02 hr(s), 41 min(s), 37 sec(s) ago)
(RTTNews) - The services sector in New Zealand continued to expand in April, and at a faster pace, ...Full Story»

China Data On Tap For Monday (03 hr(s), 22 min(s), 37 sec(s) ago)
(RTTNews) - China is scheduled to release a raft of data on Monday, headlining a busy day for Asia ...Full Story»

ECB Minutes Signal June Review Of Economic Outlook, Stimulus (09 hr(s), 25 min(s), 37 sec(s) ago)
(RTTNews) - Policymakers are looking forward to review the Eurozone economic and inflation outlook ...Full Story»

U.S. Consumer Sentiment Unexpectedly Deteriorates In May (10 hr(s), 05 min(s), 37 sec(s) ago)
(RTTNews) - Consumer sentiment in the U.S. has unexpectedly decreased in the month of May, accordi ...Full Story»

U.S. Business Inventories Increase In Line With Estimates In March (10 hr(s), 13 min(s), 37 sec(s) ago)
(RTTNews) - The Commerce Department released a report on Friday showing business inventories in th ...Full Story»

U.S. Industrial Production Climbs Less Than Expected In April (10 hr(s), 35 min(s), 37 sec(s) ago)
(RTTNews) - Industrial production in the U.S. increased by less than expected in the month of Apri ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Singapore Non-Oil Domestic Exports Tumble 8.8% On Month In April

05/16/2021 - 20:41 PM (RTTNews)
(RTTNews) - The total value of non-oil domestic exports in Singapore was down 8.8 percent on month ...Full Story>>

Japan Producer Prices Rise 0.7% On Month In April

05/16/2021 - 19:55 PM (RTTNews)
(RTTNews) - Producer prices in Japan were up 0.7 percent on month in April, the Bank of Japan said ...Full Story>>

New Zealand Service Sector Accelerates In April - BusinessNZ

05/16/2021 - 18:42 PM (RTTNews)
(RTTNews) - The services sector in New Zealand continued to expand in April, and at a faster pace, ...Full Story>>

China Data On Tap For Monday

05/16/2021 - 18:01 PM (RTTNews)
(RTTNews) - China is scheduled to release a raft of data on Monday, headlining a busy day for Asia ...Full Story>>

ECB Minutes Signal June Review Of Economic Outlook, Stimulus

05/14/2021 - 11:58 AM (RTTNews)
(RTTNews) - Policymakers are looking forward to review the Eurozone economic and inflation outlook ...Full Story>>

Do not sell my personal information

Copyright © 2021. 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.