Central Bank of Turkey Maintains Interest Rate at 50%
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Today, the Central Bank of the Republic of Turkey held its Monetary Policy Committee (MPC) meeting and decided to keep the interest rate at 50%. This decision was expected, as CBRT had already raised the rate to 50% in March 2024 and paused further increases to observe the impact. Markets are now waiting for the June consumer price index (CPI) data, which will be released on July 3, and are keeping an eye on the CBRT's expectations for reducing inflation.
The dollar stays strong as the US Federal Reserve is expected to delay rate cuts and US Treasury yields rise. The dollar index is around 105.87, down from 106.08. The Turkish Lira gained against the dollar but briefly hit above 33 today before falling to about 32.91. The CBRT's decision met expectations and didn't change the USD/TRY rate much.