The Central Bank of the Republic of Turkey announced its October interest rate decision.
The CBRT lowered the policy rate by 150 basis points. Expected 150 basis points cut.
“The Monetary Policy Committee (the Committee) has decided to reduce the one-week repo auction rate, which is the policy rate, from 10.5 percent to 9 percent.”
The CBRT cut interest rates by 150 basis points to 10.5% in October.
The rationale for the CBRT’s interest rate decision is as follows:
“The Board foresees that the disinflationary process will begin with the re-establishment of the global peace environment, together with the steps taken and decisively implemented to strengthen sustainable price stability and financial stability.
In a period when uncertainties regarding global growth and geopolitical risks increase, it is critical that financial conditions be supportive in terms of maintaining the acceleration in industrial production and the increasing trend in employment and the sustainability of structural gains in supply and investment capacity. In this context, the Committee decided to reduce the policy rate by 150 basis points. “
The following statements were included in the decision regarding the end of the interest rate cut cycle.
“The Board evaluated that the current policy rate is at a sufficient level, taking into account the increasing risks regarding global demand, and decided to end the rate cut cycle that started in August. In order to institutionalize price stability in a sustainable way, the CBRT continues to review a comprehensive policy framework that encourages permanent and strengthened liraization in all policy instruments. “
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