On hold, as expected

TURKEY - Report 20 Aug 2024 by Murat Ucer

The CBRT/MPC kept the policy rate at 50% today, as expected. Today’s statement also differs relatively little from the July statement (here and here, respectively), but now: i) more emphasis is placed on the alignment of expectations and pricing behavior with inflation projections, which “has gained relative importance for the disinflation process” (revised from “[t]he Committee closely monitors”), and (ii) there is acknowledgement of the ongoing stickiness in service inflation, that “[w]hile goods inflation is declining, improvement in services inflation is expected to lag”.

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