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Türkiye Cumhuriyet Merkez Bankası Para Politikası Kurulu (PPK) recently announced its interest rate decision. Last month’s unexpected rate hike had shifted focus to whether the policy rate would remain steady this time. According to the announcement, the interest rates have been kept steady at 50%.
What Did the Market Expect Before the Decision?
Before the announcement, various surveys were conducted to gauge the expectations of economists and institutions. According to a survey by AA Finance, which involved 16 economists, there was a consensus that the policy rate would remain unchanged at 50%.
Looking at expert opinions, Marek Drimal from Societe Generale referred to President Fatih Karahan’s emphasis on inflation control and reserve accumulation, predicting that the Central Bank would maintain the status quo. Drimal anticipated a potential increase in the lira’s appeal as the year progresses and highlighted the Bank’s commitment to its goals.
Deutsche Bank Emphasizes Steady Monetary Policy
Having correctly predicted last month’s interest adjustment, Deutsche Bank now foresees a stable policy stance. Economists Yiğit Onay and Strategist Christian Wietoska expected the Bank to adopt a cautious “wait and see” approach. Their analysis emphasized the importance of assessing the impact of previous tightening measures on domestic demand and inflation dynamics.
Looking at the interest decision announced by the Central Bank, it is evident that the rates were kept steady as predicted. Following this development, the USD/TL exchange rate stands at 32.53 TL.
