According to a recently conducted Reuters poll of 15 institutions, the Central Bank of the Republic of Turkey (CBRT) is expected to lower its policy rate, one-week repo auction rate, by 50 basis points to 10.75% later this week.
“A rate hike was not among the forecasts, which ranged from no change to a 75-point cut in benchmark rate,” Reuters further noted.
USD/TRY reaction
The USD/TRY pair, which closed the last five weeks with gains and touched its highest level since May at 6.0683 on Friday, largely ignored this headline and was last seen trading at 6.0470, where it was virtually unchanged on a daily basis.
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