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In a widely expected decision, the Turkish Central Bank (CBRT) left its policy rate, one-week repo, unchanged at 24% in March.  

Key takeaways from the press release

  • The Monetary Policy Committee (the Committee) has decided to keep the policy rate (one-week repo auction rate) constant at 24 percent.
  • Recently released data show that rebalancing trend in the economy has become more noticeable.
  • Developments in import prices and domestic demand conditions have led to some improvement in inflation indicators.  
  • The Committee has decided to maintain the tight monetary policy stance until inflation outlook displays a significant improvement.
  • The Central Bank will continue to use all available instruments in pursuit of the price stability objective.