CBRT Cuts Policy Rate by 100 Basis Points

The Central Bank of the Republic of Turkey (CBRT) announced on Thursday that it lowered its policy (one-week repo) rate by 100 basis points to 15% as expected.

“Decided to cut rates after evaluating areas that monetary policy can impact.”

“Positive impact of policy on commercial loans being seen.”

“Evaluated temporary impacts on inflation will have influence in the first half of 2022.”

“Might ease policy again in December.”

“Will continue to use all policy tools until 5% inflation target achieved.”

“Stability in the general price level will foster macroeconomic stability and financial stability through the fall in country risk premium.”

“Stability in general price level would create a viable foundation for investment, production and employment to continue growing in a healthy and sustainable way.”

Key qoutes by Reuters