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.