Turkey: CBRT leaves policy rate unchanged at 24%

In a widely expected decision, the Central Bank of the Republic of Turkey (CBRT) announced that it kept its policy rate unchanged at 24%. Below are some key takeaways from the official policy statement.

• The Monetary Policy Committee (the Committee) has decided to keep the policy rate (one week repo auction rate) constant at 24 percent.
• Recently released data show that rebalancing trend in the economy has become more noticeable.
• Recent developments regarding the inflation outlook point to significant risks to price stability.
• The Central Bank will continue to use all available instruments in pursuit of the price stability objective.
• Tight stance in monetary policy will be maintained decisively until inflation outlook displays a significant improvement. 
• It should be emphasized that any new data or information may lead the Committee to revise its stance.