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CBRT Keeps Policy Unchanged, Retains Hawkish Bias

TURKEY

The CBRT keep the policy rate unchanged at 50.00%, as expected. Policy statement found here: https://www.tcmb.gov.tr/wps/wcm/connect/7cdc9061-b...


Statement Highlights - Still hawkish, retaining language that policy could be tightened, but largely as expected
  • Recognises "limited" decline in inflation: "The underlying trend of monthly inflation registered a limited decline in April. Recent indicators point to a slowdown in domestic demand compared to the first quarter." and identify several factors keeping "inflationary pressures alive."
  • Reiterates that it "remains highly attentive to inflation risks."
  • "Monetary policy stance will be tightened in case a significant and persistent deterioration in inflation is foreseen."
  • "disinflation will be established in the second half of the year."
  • Macroprudential tweaks result in the termination of the securities maintenance practice and flag additional steps will be taken to preserve the macro financial stability. To replace this, they write that the excess liquidity stemming from the surging domestic and foreign demand for Turkish lira financial assets will be sterilized "through additional measures."
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