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CBRT Announces Interest Rate! How did the dollar react? - Coin Newsletter
The CBRT raised the policy rate to 46% this month after reducing it for the third time in a row. Dollar/TL fell to 38.09 after the interest rate decision.
The Central Bank of the Republic of Turkey (TCMB) raised the policy rate from 42.5% to 46%. The expectation was that it would remain constant.
Maintaining its tight monetary policy in recent months, the CBRT raised the interest rate, which it raised to 50% in November 2023, to 42.5% in February, and now it has decided to increase it again.
The Central Bank made the following statements in its statement after the interest rate increase:
The CBRT stated that the tight monetary policy stance will continue and that all tools will be used decisively until inflation reaches the 5% target.
Following the decision, a limited decline was observed in the foreign exchange markets. According to the data, the USDT/TRY parity fell to 38.09 after the announcement.