The Central Bank of the Republic of Turkey raised its benchmark interest to 17.00 % while the markets expected increase to 16.50%. after the country's consumer price inflation surged to 14% in November, its highest since August 2019 and well above the 3%-7% target. Policymakers noticed that uncertainties surrounding the global economic activity prevail due to a recent increase in Covid-19 cases, despite vaccine rollout. The central bank added that tightness of monetary policy stance will be decisively sustained until strong indicators point to a permanent fall in inflation in line with the targets and to price stability.
USDTRY broke below the 7.60 level after today's CBRT interest rate decision and is heading towards the next support level at 7.50. Source: xStation5 .
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