Central Bank of the Republic of Turkey announced its latest monetary policy decision at 12:00 pm BST. The Turkish central bank was expected to leave rates unchanged with the 1-week report rate staying at 19.00%. However, investors were offered a dovish surprise with the rate being unexpectedly cut to 18.00%. As a result, Turkish lira weakened against EUR and USD. Both USDTRY and EURTRY jumped around 1.5% following the decision announcement.
Given that Turkish inflation runs rampant with CPI reaching 19.25% YoY in August, the move looks to have a political trigger behind it. While it may play into Erdogan's unorthodox view on monetary policy, it is highly unlikely that it will help Turkey cope with inflation and other economic issues.
USDTRY jumped following an unexpected rate cut from CBRT and for a brief moment traded at the highest level in history. Source: xStation5
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