Global Macro Service > Research Briefings > Turkey

CBRT delivers surprise rate cut despite rising inflation

Today’s much-anticipated meeting of the Turkish central bank (CBRT) saw a 100bp cut in the policy rate to 18.0%, against our and consensus expectations of no change. The move is consistent with the government’s pro-growth stance, with the commitment to achieving price stability embedded in today’s statement little more than empty talk, as reflected in the predictable TRY sell-off.

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