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Turkish Central Bank Cuts Rates 150bps, Ends Easing Cycle

CBRT

The CBRT cut the benchmark policy rate by 150bps to 9.00%, alongside expectations. Full CBRT statement here: https://www.tcmb.gov.tr/wps/wcm/connect/aed40d58-c...


Notably, the bank also signal the end of their 2022 easing cycle, stating that "Considering the increasing risks regarding global demand, the Committee evaluated that the current policy rate is adequate and decided to end the rate cut cycle that started in August."


Statement highlights:

  • Current policy rate adequate, decided to end the rate cut cycle
  • Rise in inflation may last longer than previously anticipated
  • Compared to peers, job creation has been stronger
  • Spread between bank rate and commercial loan rates closely monitored
  • Increase in inflation due to energy costs, geopolitical developments
  • Comprehensive review of policy framework continues

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