Central Bank of Türkiye Republic ( CBT), kept the May interest rate, which investors eagerly awaited, unchanged.
It has kept the policy rate constant for the last two months. CBT announced its expected decision for May. In the light of the recent statements and the volatility in the global markets, expectations were created that the May interest rate decision would be kept constant at the level of 8.5 percent. acting in line with expectations CBT, the policy interest rate held steady at 8.5 percent.
The CBRT also kept the policy rate in the previous months. 8.5 percent had taken. CBT, 50 basis pointsIt made its last rate cut in February.
CBRT Leaves May 2023 Policy Rate Fixed
Central Bank of Türkiye Republic ( CBT), announced the policy rate decision for May. CBT, the interest rate at 8.5 percentheld steady.
The CBRT’s Monetary Policy Committee (MPC) held a meeting chaired by Central Bank Governor Şahap Kavcıoğlu. The decision made after this meeting was to keep the policy rate for May fixed.
Press release on the subject CBT, said:
In line with its main objective of price stability, the CBRT will resolutely continue to use all the tools at its disposal until strong indicators pointing to a permanent decline in inflation emerge and the medium-term 5 percent target is reached. The CBRT will implement the Liraization Strategy with all its elements in order to institutionalize price stability in a permanent and sustainable way. The stability to be achieved in the general level of prices will positively affect macroeconomic stability and financial stability through the decrease in country risk premiums, the continuation of reverse currency substitution and the upward trend in foreign exchange reserves, and the permanent decline in financing costs. Thus, a suitable ground will be created for the continuation of investment, production and employment growth in a healthy and sustainable way.
