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- 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."