MPC: Mop up and wait

TURKEY - Report 23 May 2024 by Murat Ucer

There was no surprise at today’s CBRT/MPC meeting, with the Committee keeping the policy rate (one-week repo rate) unchanged at 50%. The statement was also largely unchanged. There were some minor revisions to the first paragraph on the general state of the economy with references to a “limited decline” in underlying trend of monthly inflation, “softer domestic demand” than in the first quarter, deterioration in April external balances because of “surging consumption imports” -- and no change in the paragraph on monetary policy outlook, with the sentence “[m]onetary policy stance will be tightened in case a significant and persistent deterioration in inflation is foreseen” kept intact (link here).

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