content tagged with Central Bank

Central Bank keeps policy rate constant

Central Bank keeps policy rate constant

After significant increases in the interest rates for a year, the bank kept the rate unchanged in the last two months.

Turkey's Central Bank keeps policy rate constant, acknowledges inflation will rise in July

Turkey's Central Bank keeps policy rate constant, acknowledges inflation will rise in July

The bank has warned that inflation is expected to rise temporarily in July due to adjustments in administered prices, taxes, and supply-side factors in unprocessed food prices.

Central Bank keeps policy rate unchanged: It had been raised eight times

Central Bank keeps policy rate unchanged: It had been raised eight times

The Central Bank, which had previously decided on eight consecutive interest rate hikes, this time kept the bank's policy rate unchanged at 45 percent under the leadership of the new Governor Fatih Karahan.

22 February 2024

Central Bank survey anticipates year-end inflation at 42%

Central Bank survey anticipates year-end inflation at 42%

The policy rate expectation for the current month's end is set at 45%.

19 January 2024

Central Bank raises interest rates by 500 basis points

Central Bank raises interest rates by 500 basis points

The Monetary Policy Committee increased the policy rate, which is the one-week repo auction interest rate, from 30% to 35%.

26 October 2023

Turkey hikes interest rates by 750 basis points

Turkey hikes interest rates by 750 basis points

The Turlish lira gained value following the decision.

Erdoğan replaces Central Bank deputy governors

Erdoğan replaces Central Bank deputy governors

Economists welcomed the new appointments, saying that they were in line with the shift in economic policies following the elections.

Turkey's Central Bank raises year-end inflation forecast from 22% to 58%

Turkey's Central Bank raises year-end inflation forecast from 22% to 58%

The inflation rate for food prices is projected to reach 61 at the end of the year, according to the governor of the bank.

Turkey hikes interest rates for first time in 27 months

Turkey hikes interest rates for first time in 27 months

The 650-basis point hike following the latest MPC meeting demonstrates a shift in the bank's approach under a new leadership after the elections.

Turkish lira hits rock bottom ahead of presidential runoff vote

Turkish lira hits rock bottom ahead of presidential runoff vote

The USD/TRY exchange rate surged to 20.47 in the morning, while the disparity between the free market rate and the informal market rate narrowed.

Central Bank lifts new restrictions on cash advance withdrawals from credit cards

Central Bank lifts new restrictions on cash advance withdrawals from credit cards

According to the new instructions that the Central Bank has sent to the banks, there will not be any new requirements for cash advance withdrawals from credit cards. On Thursday, many banks in Turkey suspended cash advances from credit cards after new requirements were imposed.

Turkey keeps interest rate constant

Turkey keeps interest rate constant

The Central Bank said it will continue to use all available instruments "until strong indicators point to a permanent fall in inflation."

Türkiye's Central Bank cuts policy rate by 50 basis points

Türkiye's Central Bank cuts policy rate by 50 basis points

The bank has said it lowered the rates to support the recovery in the aftermath of the devastating earthquakes.

23 February 2023

Türkiye cuts policy rate to 9 percent, ends easing cycle

Türkiye cuts policy rate to 9 percent, ends easing cycle

The bank said it decided to stop the rate cut cycle "considering the increasing risks regarding global demand."

24 November 2022

Central Bank is following 'Erdoğan's path'

Central Bank is following 'Erdoğan's path'

The bank has cut the policy rate by 150 basis points and signaled that it may consider stopping interest rate cuts after next month's meeting.

21 October 2022 Wouter Massink

Central Bank cuts interest rate for second month in a row

Central Bank cuts interest rate for second month in a row

Following the decision, the Turkish lira dropped to as low as 18.41 against the US dollar.

22 September 2022

Central Bank cuts policy rate for the first time in eight months

Central Bank cuts policy rate for the first time in eight months

The bank vowed to "continue to use all available instruments decisively within the framework of liraization strategy until strong indicators point to a permanent fall in inflation."

Central Bank raises year-end inflation forecast

Central Bank raises year-end inflation forecast

Annual inflation is projected to hit 60.4 percent by the end of this year and 19.2 percent by the end of 2023, according to the Central Bank governor. The previous estimates were 42.8 percent for 2022 and 12.9 percent for 2023.

Central Bank keeps interest rate constant for the seventh month in a row

Central Bank keeps interest rate constant for the seventh month in a row

The one-week policy rate will remain at 14 percent. The "liraization" strategy will continue, said the bank.

Turkey's Central Bank keeps interest rate constant

Turkey's Central Bank keeps interest rate constant

"Increase in inflation is driven by rising energy costs, temporary effects of pricing formations that are not supported by economic fundamentals, and strong negative supply shocks," the bank has said.

Turkey's current account balance posts 5.5 billion dollars of deficit in March

Turkey's current account balance posts 5.5 billion dollars of deficit in March

The country's 12-month rolling deficit reached 24.22 billion dollars in March, according to the Central Bank.

Turkey’s Central Bank keeps the policy rate constant at 14 percent

Turkey’s Central Bank keeps the policy rate constant at 14 percent

For the fourth month in a row, the Monetary Policy Committee of the Central Bank has decided to keep the policy rate (one-week repo auction rate) unchanged at 14 percent at its meeting today, on April 14, 2022.

Turkey's current account deficit continues to increase

Turkey's current account deficit continues to increase

The Central Bank has announced a current account deficit of 5.15 billion dollars for February.

Turkey's Central Bank keeps the policy rate constant for the 3rd time in a row

Turkey's Central Bank keeps the policy rate constant for the 3rd time in a row

The Monetary Policy Committee of the Central Bank convened today, on March 17, and decided to keep the policy rate (one-week repo auction rate) unchanged at 14 percent.

Central Bank announces details of 'foreign-exchange protected' gold deposit accounts

Central Bank announces details of 'foreign-exchange protected' gold deposit accounts

In the face of high volatility in foreign exchange rates, the government in late 2021 introduced the foreign exchange rate protected lira deposit system

Turkey’s current account deficit hits a 4-year high

Turkey’s current account deficit hits a 4-year high

Turkey’s current account balance registered a 7.1 billion USD deficit in January, widening by 5.3 billion USD year-on-year, according to the Central Bank.

Turkey’s Central Bank keeps policy rate constant

Turkey’s Central Bank keeps policy rate constant

The Monetary Policy Committee of the Central Bank has kept the policy rate (one-week repo auction rate) unchanged at 14 percent.

17 February 2022

Increase in housing prices hit a new record-high in Turkey in December

Increase in housing prices hit a new record-high in Turkey in December

The prices of new houses increased by 66.6 percent when compared to last December, according to the Central Bank. The prices of the houses that were not new also saw a 57.7-percent annual increase in December 2021.

16 February 2022

Different inflation forecasts by Turkey’s Central Bank Governor, Finance Minister

Different inflation forecasts by Turkey’s Central Bank Governor, Finance Minister

While Central Bank Governor Kavcıoğlu, in a press briefing on January 27, announced the 2022 year-end inflation forecast as 23.2 percent, Minister of Treasury and Finance Nebati said a day before: “Inflation will be around 40 percent for some time.”

28 January 2022

Turkey’s Central Bank revises up year-end inflation forecast to 23.2 percent

Turkey’s Central Bank revises up year-end inflation forecast to 23.2 percent

According to the Turkish Statistical Institute (TurkStat), Turkey’s annual inflation rate was 36.08 percent in December 2021. The Inflation Research Group (ENAG), on the other hand, estimated the same rate as 82.81 percent.

27 January 2022

Turkey keeps interest rate constant

Turkey keeps interest rate constant

The Central Bank has kept the interest rate at 14 percent, saying that it will use all instruments decisively "until strong indicators point to a permanent fall in inflation."

20 January 2022

Central Bank targets 5 percent inflation rate in 2022

Central Bank targets 5 percent inflation rate in 2022

The bank did not announce a prediction for foreign exchange rates in the 2022 monetary policy document.

30 December 2021

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