BREAKING: CBRT leaves rates unchanged

Central Bank of the Republic of Turkey announced its monetary policy decision at 11:00 am GMT today. As expected, interest rates were left unchanged with the main one-week repo rate staying at 9.00%. Central bank lives up to its previous announcement that the rate cut cycle was completed after a 150 bp rate cut in November. Rates are likely to stay on this level until mid-2023 when elections in Turkey are held given questionable independence of CBRT. Turkish lira weakened against the euro following the decision.

EURTRY moved higher after CBRT rate decision and is slowly moving towards the resistance zone in the 20.42 area. Source: xStation5