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CBRT Sees Improvements in Inflation Expectations

TURKEY
Highlights from the CBRT’s November meeting summary:
  • A decline in the underlying trend of monthly inflation is observed… Leading indicators suggest that the slowdown in the underlying trend of inflation continues in line with projections.
  • The Committee assesses that inflation expectations and pricing behavior started to show signs of improvement.
  • With the effect of monetary and quantitative tightening and simplification decisions, lending rates are assessed to be in line with the targeted level of financial tightness.
  • Average personal loan rates (excluding overdraft accounts), which have remained flat since the previous MPC meeting period, became 59.5% as of 17 November 2023. Meanwhile, Turkish lira commercial loan rates increased 215 basis points to 50.3%.
  • With the decisions taken accordingly, it is assessed that significant progress has been made in the simplification process.

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