-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Global Macro Weekly -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI US MARKETS ANALYSIS - Tsys Through First Support
MNI US OPEN - RBA Holds, Communication Turns Slightly Dovish
MNI CBRT WATCH: On Hold, "Temporary" Inflation Rise Expected
MNI (LONDON) - The Central Bank of the Republic of Turkey left key interest rates unchanged on Tuesday, and said that while underlying inflation registered a “notable” decline last month it remains both highly attentive to inflation risks and ready to act “decisively” to reach the 5% medium-term inflation target. (See MNI EM CBRT WATCH: 'Cautious' Turkey CenBank To Hold Rates At 50%)
A “relatively limited”, temporary increase in monthly inflation is expected in July due to a combination of tax, administered price and supply-side adjustments which are “relatively beyond the control of monetary policy,” the CBRT said in a statement.
Despite a slowdown in domestic demand it is still at inflationary levels, and price pressures are still supported by sticky services prices, geopolitical risks, food prices and expectations.
Having held its policy rate at 50% since March, the Monetary Policy Committee noted that a tight monetary stance will be maintained “until a significant and sustained decline in the underlying trend of monthly inflation is observed, and inflation expectations converge to the projected forecast range.”
As in previous months, the Committee reiterated that the monetary policy stance will be tightened “in case a significant and persistent deterioration in inflation is foreseen,” and that “the decisiveness regarding tight monetary stance will bring down the underlying trend of monthly inflation through moderation in domestic demand, real appreciation in Turkish lira, and improvement in inflation expectations.”
However, in contrast to June’s decision statement, which said that “Consequently, disinflation will be established in the second half of the year,” the July decision concluded that “Consequently, the disinflation process will gain strength.” (See MNI EM INTERVIEW: CBRT To Cut Rates From Q4- Ex-Treasury Official)
Having adjusted its macroprudential framework late last week, the CBRT said it will continue to assess liquidity conditions closely. “Sterilisation will be implemented effectively by also enriching the toolset whenever needed,” the statement added.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.