The Central Bank of the Republic of Turkey (CBRT) announced on Thursday that it has hiked the repo rate by 200bps to 17.00%. The message is quite clear – the fight against inflation will continue. USD/TRY slumped to its lowest level since November 19 at 7.5570 while economists at TD Securities expect the pair to trade within a 7.60/7.70 next year. Key quotes “The CBRT has hiked the repo rate by 200bps to 17.00%, in line with our forecast and 50bps above the consensus. The CBRT’s statement is also serious act of realism, especially in the fight against inflation.” “The CBRT seems serious about achieving its 5% target (although this is not for next year) and fixing Turkey’s structural problems. Further tightening (we forecast a final 100bps in January) may follow if data supports it. This is also a good message from the CBRT that will help the lira.” “For now, USD/TRY is trading at 7.5735 against our year-end forecast of 7.58. For 2021, we expect the lira to trade in a 7.60/7.70 range.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next US Dollar Index to break key support at 1110/05 and enter a structural bear market – Credit Suisse FX Street 2 years The Central Bank of the Republic of Turkey (CBRT) announced on Thursday that it has hiked the repo rate by 200bps to 17.00%. The message is quite clear – the fight against inflation will continue. USD/TRY slumped to its lowest level since November 19 at 7.5570 while economists at TD Securities expect the pair to trade within a 7.60/7.70 next year. Key quotes “The CBRT has hiked the repo rate by 200bps to 17.00%, in line with our forecast and 50bps above the consensus. The CBRT's statement is also serious act of realism, especially in the fight against inflation.” “The… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
