Poin Utama
- The Central Bank kept the one-week repo auction rate, which is the policy interest rate, constant at 37 percent.
- The overnight lending rate was set at 40 percent, and the overnight borrowing rate at 35.5 percent.
- While the underlying trend of inflation decreased in June, it is forecast to temporarily increase in July.
- It was emphasized that the medium-term inflation target will be 5 percent and that tight monetary policy will continue.
Dalam Angka
The Central Bank of the Republic of Turkey (CBRT) Monetary Policy Committee, in the decision expected by the markets, kept the one-week repo auction interest rate constant at 37 percent, leaving the policy rate unchanged. The Committee also set the lending rate at 40 percent and the borrowing rate at 35.5 percent. With this decision, the bank demonstrated its determination to maintain a tight monetary policy stance in the fight against inflation.
In its assessments, the Committee reported that there was a limited decline in the underlying trend of inflation in June, but a temporary increase is expected in July. It was emphasized that geopolitical developments and rising uncertainties create upward pressure on inflation through energy prices. Additionally, it was stated that the weak course of domestic demand has become more pronounced.
The Central Bank announced that steps to strengthen the disinflation process will continue until price stability is achieved. It was noted that monetary conditions will be determined and a cautious approach will be adopted to reach the 5 percent inflation target in the medium term. It warned that the monetary policy stance could be tightened if there is a persistent deterioration in the inflation outlook.
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Pertanyaan Umum
- What did the policy rate become with the new interest rate decision?
- The Central Bank kept the one-week repo auction interest rate, which is the policy rate, constant at 37 percent by leaving it unchanged.
- How is the near-term course of inflation expected to be?
- It is estimated that the underlying trend of inflation decreased by a limited amount in June, but will temporarily increase in July.
- What is the Central Bank's medium-term inflation target?
- The Committee aims to provide the monetary and financial conditions that will achieve the 5 percent inflation target in the medium term with the policy decisions taken.
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