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CBRT Cuts Rates by 150bps, A Larger Cut Than Expected

TURKEY

Turkey's CBRT cuts rates by 150bps to 10.50%, against expectations of a 100bps cut.


Full policy statement here: TCMB - Press Release on Interest Rates (2022-42)


Statement highlights:

  • Again flags benchmark / commercial loan rate spread: "the spread between policy rate and the loan interest rates driven by the announced macroprudential measures is closely monitored."
  • Still sees disinflation setting in next year: "Committee expects disinflation process to start on the back of measures taken"
  • Looking to support jobs: " critically important that financial conditions remain supportive to preserve the growth momentum in industrial production and the positive trend in employment"
  • Could pause rate cut cycle: "The Committee evaluated taking a similar step in the following meeting and ending the rate cut cycle."
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