The Central Bank of the Republic of Turkey raised its benchmark interest rate to 15.00 % as widely expected.The Committee said that the tightness of monetary policy will be decisively sustained until a permanent fall in inflation is achieved. The central funding will be provided through the one-week repo rate, which will be the main policy tool and the only indicator for the monetary stance. It seems that yesterday's comments from Erdogan that higher interest rates will have a negative impact on the economy did not affect today's CBRT decisions.
USDTRY broke below the 7.60 support after today's CBRT interest rate decision and is testing next support at 7.50. Source: xStation5
