​Optimism on inflation outlook maintained

TURKEY - Report 23 Jul 2020 by Murat Ucer

At today's meeting, the Monetary Policy Committee (MPC) left the one-week repo rate unchanged at 8.25%, in line with the overwhelming consensus in that direction. To recall, this is the second consecutive meeting that the MPC stayed on hold (see chart), a decision that seems driven by the worse-than-anticipated inflation developments compared to the Bank’s baseline trajectory and the wobbly lira prospects, in spite of continued state bank/CBRT support and recent dollar weakness.

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