Central Bank of the Republic of Turkey (CBRT) decided to keep its main interest rate, the one-week repo rate, unchanged at 45.00% at a meeting today. This comes after CBRT delivered a cumulative 3650 basis points in rate hikes since late-Q2 last year. As market was expecting no move from CBRT, Turkish lira trades little changed following the decision with USDTRY trading at all-time highs in the 31.00 area.
USDTRY dropped in a knee-jerk move following CBRT decision and tested 50-hour moving average (orange circle). However, declines were erased, and the pair is now trading little changed compared to pre-announcement levels. Source: xStation5
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appThis content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
