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Central Bank of The Republic of Turkey keeps the policy rate at 17 percent

The Central Bank of the Republic of Turkey (CBT) 2021 Monetary Policy Committee (MPC), said in a statement issued after the meeting, the policy rate has not changed by 17 percent.

The CBRT raised its policy rate from 15 percent to 17 percent at an MPC meeting last month. In the text of the decision, taking into account all the factors affecting inflation, it was stated that the tight monetary position will continue in the coming period until the formation of strong indicators indicating a sharp decline in inflation and price stability.

“Domestic demand conditions, aggregate cost effects, especially the rise in exchange rates, international food and other commodity prices, and high inflation expectations continue to have a negative impact on price behavior and the outlook for inflation,” the CBRT said in a statement today.

The statement said the slowing effects of the strong monetary tightening in the November and December meetings are expected to be more pronounced on loans and domestic demand:

“Demand and spending factors affecting inflation are expected to gradually weaken. If necessary, additional money will be tightened. The Committee has maintained a strong monetary policy stance for a long time, taking into account the forecast target for the end of 2021. decided to continue until the indicators occur. ”

The Monetary Policy Committee’s 2021 dates are as follows:

February 18, 2021
March 18, 2021
April 15, 2021
6 May 2021
June 17, 2021
July 14, 2021
12 August 2021
September 23, 2021
October 21, 2021
November 18, 2021
December 16, 2021

ANKA, DW / TY, HT
© Deutsche Welle Turkish

Source: www.dw.com

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