The Central Bank’s Monetary Policy Committee (PPK) has decided to keep the policy rate (one-week repo auction rate) constant at 9% in line with market expectations. However, the bank removed the expression that “the current policy rate is adequate” from the PPK statement this month. Here is the PPK statement: “Although recently released data point...
Tag: Central Bank of the Republic of Turkey
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Central Bank keeps interest rate steady at 9%
The Central Bank’s Monetary Policy Committee (PPK) has decided to keep the policy rate (one-week repo auction rate) constant at 9% in line with market expectations. The bank cut the interest rate by 150 basis points to 9% and decided to end the rate cut cycle, at the previous PPK meeting. Here is the PPK...
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Central Bank cuts interest rate by 150 basis points
The Central Bank’s Monetary Policy Committee (PPK) cut the interest rate by 150 basis points from 12% to 10.5%, below the market expectation. The policy rate was expected to be cut by 100 basis points to 11%, according to surveyed analysts. Here is the PPK statement: “The weakening effects of geopolitical risks on global economic...
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Central Bank cuts interest rate by another 100 basis points
The Central Bank’s Monetary Policy Committee (PPK) surprisingly cut the interest rate by 100 basis points to 12%. Thus, the bank reduced the policy rate for the second consecutive month. TRY touched a record 18.42 versus the USD, surpassing the level reached during a full-blown currency crisis last December. It edged back to 18.36 following...
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Central Bank cuts interest rate to 13%
The Central Bank cut its interest rate by 100 basis points from 14% to 13% in an effort to shore up growth, it announced in an official statement. After Russia and China, Turkey’s Central Bank also lowered rates to help ensure economic activity would not slow down, despite economists’ previous expectations that rates would remain...
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Inflation expectations up by 11.5 points
The year-end inflation expectation rose to 57.92%, according to the results of the Market Participants Survey for May by Central Bank. The figure was 46.44% in the previous month’s survey. The CPI expectation for 24 months later, also increased from 17.68% to 19.54%. The participants’ current year-end USD/TRY expectation also rose from 16.85 in the...
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Short-term foreign debt at USD 132bn in March
Turkey’s short-term foreign debt stock amounted to USD 132bn as of the end of March, according to the Central Bank. The external debt due to be paid over the next 12 months jumped 9.9% from the end-2021, the bank said in a statement. In this period, lenders’ short-term external debt stock increased 6.9% to USD...
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Manufacturing capacity inches up in May
Turkey’s manufacturing industry used 78% of its production capacity in May, posting a slight rise from a month ago, according to the Central Bank. The capacity utilization rate (CUR) of the manufacturing industry inched up by 0.2 percentage points from 77.8% in April. The CUR figures are based on the responses given to a business...
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Current account deficit at USD 5.56bn in March
Turkey’s current account balance posted a USD 5.56bn deficit in March, growing USD 2.23bn from a year ago, according to the Central Bank. The bank said the country’s 12-month rolling deficit reached USD 24.22bn in March. Goods trade deficit increased USD 3.36bn year-on-year to reach USD 6.34bn. Services item indicated a net surplus of USD...
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TRY 100 and TRY 200 banknotes dominate the market
BY SEBNEM TURHAN Inflation, which rose to 69.97% in April, also increases the need for larger value banknotes. The share of TRY 100 and TRY 200 banknotes in the amount of money in circulation jumped from 40.56% to 87.96% in 13 years. The usage of the largest value banknotes has almost doubled after purchasing power...