The Central Bank of Turkey left its benchmark one-week repo rate at 10.25 %, while analysts' expected a 175 basis points rate hike. Also Central Bank will adjust the monetary policy operational framework and set the margin between the CBRT Late Liquidity Window lending rate and overnight lending rate as 300 basis points. Policymakers believe that inflation is rising faster than expected thanks to sharp economic recovery with strong credit momentum, and financial market developments. Central Bank pointed that significant tightening in financial conditions has been achieved, following the monetary policy and liquidity management steps taken to contain inflation expectations and risks to the inflation outlook.
USDTRY - Turkish Lira weakened significantly and hit an all-time low of 7.97, after policymakers decision. Source: xStation5
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