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Turkey Keeps Rate at 19% but Adopts Hawkish Stance

June 17, 2021 by Forex Winner Leave a Comment

Turkey Keeps Rate at 19% but Adopts Hawkish Stance

Source: Bloomberg

The Central Bank of the Republic of Turkey on Thursday maintained policy rates, while shifting to a more hawkish stance.

  • The Monetary Policy Committee left the benchmark interest rate at 19% for the third consecutive month, in line with market expectations.
  • The central bank said it wills current “tight” policy stance will continue to be maintained “decisively” until inflation decelerates as expected.
  • Governor Sahap Kavcioglu believes inflation peaked in April, and will taper down to 12.2% by the end of the year.
  • The lira traded 0.4% down to 8.6402 versus the greenback following the policy rate announcement. It has depreciated over 15% against the greenback since March.
  • The currency has the weakest performance among emerging markets so far this year.
  • President Recep Tayyip Erdogan earlier reiterated the need to cut down interest rates by July or August, but was shut down by Kavcioglu.
  • Economists expect a rate cut as early as the third quarter, while others anticipate this in the fourth quarter of the year.

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