BREAKING: TRY muted after CBRT keeps rates unchanged

12:01 PM May 25, 2023

Central Bank of the Republic of Turkey (CBRT) announced its latest monetary policy decision today at 12:00 pm BST. CBRT decided to keep rates unchanged with a 1-week repo rate staying at 8.50%. While such a decision was expected by the majority of economists surveyed by Bloomberg, there was some uncertainty that Erdogan may influence CBRT to cut rates in order to help him ahead of the presidential election run-off scheduled for this Sunday. No such thing occurred and reaction on TRY market has been limited.

EURTRY ticked higher after CBRT decision but overall technical picture is unchanged - the pair remains within short-term 21.30-21.50 trading range. Source: xStation5

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