Central Bank of the Republic of Turkey (CBRT) announced its latest monetary policy decision today at 11:00 am GMT. Economists were expecting rates to stay unchanged, with one-week repo rate staying at 45.00%. However, CBRT surprised the markets with a 500 basis points rate hike, pushing one-week repo rate to 50.00%.
CBRT explained that high inflation was a reason behind the hike and said that it is ready to tighten policy further if inflation outlook worsen. CBRT expects disinflation to be established in the second half of the year.
Turkish lira gained following the announcement, with USDTRY and EURTRY dropping around 0.4-0.5% each.
EURTRY dropped following CBRT rate decision and tested 50-hour moving average (green line). Source: xStation5
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