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CBRT Reduces Monthly Growth Limit for Some TRY Loans

TURKEY
  • The central bank has implemented additional tightening measures to “reinforce its commitment to tight monetary policy stance.” As per a statement on the CBRT’s website, steps have been taken to reduce the monthly growth limit on some lira loans – the monthly growth limit for some commercial loans, previously set at 2.5%, has been reduced to 2%, while the limit for some general purpose loans, previously set at 3%, has been revised down to 2%.
  • The central bank added that additional work is being carried out on introducing reserve requirements based on loan growth to enhance the effectiveness of measure pertaining to growth limits. Moreover, it reiterated that further measures are being assessed to strengthen the monetary transmission mechanism.
  • Separately, the central bank sold $475m in lira-settled FX forwards on Tuesday, according to information published on its website. That is the first time the facility has been used since a sale of $28m in July.
  • Commenting on yesterday's inflation data in a post on X, Simsek said "Disinflation requires time and determination. We will continue to work with patience and determination until price stability is achieved. We have full support for the Central Bank."
  • Palestinian President Mahmoud Abbas made his first visit to Turkey since the start of the Israel-Hamas war, Hurriyet report. Turkey’s support for the Palestinian cause was once again emphasised to Abbas during his visit, while joint efforts to stop the bloodshed were discussed.
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