CBRT Says Pace of Monetary Tightening to Slow Down

Highlights from the policy statement:

• The Committee assessed that the current level of monetary tightness is significantly close to the level required to establish the disinflation course.
• Accordingly, the pace of monetary tightening will slow down and the tightening cycle will be completed in a short period of time. The monetary tightness will be maintained as long as needed to ensure sustained price stability.
• Headline inflation edged down in October and remains in line with the outlook presented in the most recent Inflation Report.
• The improvement in external financing conditions, continued increase in foreign exchange reserves, positive impact of demand rebalancing on current account balance, and the increase in domestic and foreign demand for Turkish lira denominated assets contribute significantly to exchange rate stability and the effectiveness of monetary policy.

See the full statement here.