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CBRT Cut One-Week Repo Rate 50bps to 8.50%

TURKEY
Key highlights from policy statement:
  • Level and underlying trend of inflation have been improved with the support of the implemented integrated policy approach.
  • The Committee assessed that the current monetary policy stance after the measured reduction is adequate to support the necessary recovery.
  • While the earthquake is expected to affect economic activity in the near term, it is anticipated that it will not have a permanent impact on performance of the Turkish economy in the medium term.
  • It has become even more important to keep financial conditions supportive to preserve the growth momentum in industrial production and the positive trend in employment after the earthquake.
  • The CBRT will implement Liraization Strategy in order to create an institutional basis for permanent and sustainable price stability.
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