BREAKING: TRY drops as CBRT cuts rates by 100bp

The Central Bank of the Republic of Turkey announced the latest monetary policy decision at 11:00 am GMT. CBRT cut a one-week repo rate by 100 basis points, to 15.00%. Market expects such a magnitude of a rate cut. However, risks were skewed towards a bigger-than-expected cut after yesterday's comments from Turkish president Erdogan. Erdogan vowed to continue to fight interest rates. Nevertheless, CBRT said that it will assess in December whether to end rate cuts or not.

Turkish lira has been dropping hard against major currencies like USD and EUR in recent days. USDTRY reached a fresh all-time high near 10.95 today but has erased a big part of its gains already. However, pair leaped higher after CBRT announced its decision. An around 5-minute delay in announcement contributed to a jump in volatility.

USDTRY leaped higher following delayed, although expected rate announcement from CBRT. Source: xStation5

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