TURKISH CENTRAL BANK KEEPS INTEREST RATES UNCHANGED

The Central Bank (CBRT) kept the policy rate flat in line with market expectations. The CBRT policy rate stood at 17% and the downward effects of the virus-related restrictions on the economy are more limited compared to 2Q20, according to a corporate announcement last week. In line with expectations, the decelerating impact of the strong monetary tightening implemented in November and December 2020 on credit and domestic demand will become more significant and the effects of demand and cost factors on inflation will diminish gradually, the CBRT remarked.