Central Bank of the Republic of Turkey (CBRT) announced the final monetary policy decision of 2023 today at 11:00 am GMT. Market was expecting a 250 basis point rate hike, that would push the main one-week report rate to 42.50%. CBRT matched those estimates and delivered a 250 basis point rate hike. This brought cumulative tightening delivered by CBRT this year to 3350 basis points, with 2750 basis points of tightening being delivered in the second half of the year alone.
TRY weakened following the decision, as market seem to have hope for a bigger-than-expected hike. CPI inflation in Turkey has re-accelerated in the second half of this year, with the latest reading showing almost 62% YoY price growth in November. Such a development shows that CBRT job on getting inflation under control is far from over. CBRT acknowledged that monetary policy tightness will be maintained for as long as needed.
Source: xStation5
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