Turkey Monetary Policy


Turkey: Central Bank maintains rates unchanged

July 4, 2012

At its 21 June 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). The Bank reiterated that the rebalancing process between external and domestic demand continues and therefore the current account balance is expected to continue to improve. The CBRT added that leading indicators point to a modest recovery in the domestic sector in the second quarter, following a significant slowdown in the first three months of the year. Regarding price developments, the Central Bank explained that the inflation outlook has improved somewhat, amid lower prices for energy and unprocessed foods. That said, monetary authorities warned that inflation will continue to stay above the Bank


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Turkey Monetary Policy Chart

Turkey Monetary Policy June 2012

Note: 1-week repo rate in %, from 25 May 2010 onwards. From January 2008 until 25 May 2010, data refer to overnight borrowing rate.
Source: Central Bank of the Republic of Turkey (CBRT).

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