At its 27 March meeting, the Central Bank of the Republic of Turkey (CBRT) left the one-week policy rate unchanged at 5.75%, as was expected by the market. The Central Bank also held the overnight borrowing rate steady at 5.00%, and left the overnight lending rate at 11.50% (11.00% for primary dealers). According to the Bank, recent data confirm that a rebalancing process between external and domestic demand continues and therefore the current account balance is expected to continue to improve. Monetary authorities explained that inflation developments are in line with the projected path, while adding that a recent round of monetary tightening has been implemented in order to curb inflation expectations. The Bank stated that ?factors affecting inflation will be closely monitored and additional monetary tightening will be repeated when necessary?. The Central Bank also reiterated that ?given the prevailing uncertainties of the global economy, it would be appropriate to preserve the flexibility of the monetary policy? and that ?the impact of the measures undertaken on credit, domestic demand and inflation expectations will be monitored closely?.
Turkey Monetary Policy
Central Bank remains on hold
March 26, 2012
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Turkey Economic News
October 13, 2016
The current account balance recorded a USD 1.8 billion deficit in August (July: USD 2.7 billion deficit).
October 10, 2016
In August, industrial production expanded a calendar-adjusted 2.2% compared to the same month last year.
October 3, 2016
The Manufacturing Purchasing Managers’ Index (PMI), produced by the Istanbul Chamber of Industry (ICI) and IHS Markit, increased slightly to 48.3 in September from August’s 47.0, which had marked a multi-year low.
October 3, 2016
In September, consumer prices increased 0.18% over the previous month.
September 26, 2016
The Real Sector Confidence Index published by the Central Bank increased from August’s 103.6 to 106.5 in September.