CBRT Cite Excess Liquidity in February Meeting Summary

Not too much new in the summary of the central bank's February rate-setting meeting, below are some selected highlights:

• In the recent period, temporary excess liquidity emerged in the market due to the impact of public expenditures and monetary base developments. Against such circumstances, in order to support the monetary tightness, developments in market liquidity will be closely monitored and sterilization tools will be effectively used whenever needed.
• Current loan rates are assessed to be in line with the targeted level of financial tightness. Turkish lira commercial loan rates, which had remained flat since the previous MPC meeting, stood at 52.9%.
• Leading indicators point to a slowdown in the underlying trend of inflation in February compared to January.
• Due to month-specific and time-dependent price and wage adjustments, the underlying trend of monthly inflation rose in January.

See the full release here.