MPC: No Change, As Expected

TURKEY - Report 27 Jun 2024 by Murat Ucer

The CBRT/MPC left the policy rate (one-week repo) unchanged at 50% (simple) at today’s meeting, as expected. As for the content of the statement, the (middle) paragraph on the monetary policy stance, as well as monetary policy and inflation outlooks, has been kept fully intact, while there were two minor changes in the rest of the statement.

In the first paragraph, the Bank acknowledged the “pause” in the decline in the underlying trend of monthly inflation in May, but called it “temporary”, while stating that “domestic demand, albeit still at inflationary levels, continues to slow down”.

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