Free Trial

CBRT Cut Rates by 200bps vs. Exp. Cut of 100bps

TURKEY
  • The CBRT cut the benchmark policy rate to 16.00% from 18.00%, a larger-than-expected cut (consensus was for a cut of 50-100bps).
  • USD/TRY immediately spikes, rallying to touch record highs of 9.4867 before moderating slightly. Pair holds gains of 2.5% on the day at pixel time.

CBRT statement highlights:

  • "Tightness in monetary stance has started to have a higher than envisaged contractionary effect on commercial loans."
  • "Strengthened macroprudential policy framework has started to curb personal loan growth."
  • "till the end of the year, supply-side transitory factors leave limited room for the downward adjustment to the policy rate."
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.