The Central Bank of the Republic of Turkey announced the interest rate decision for June, which the markets were eagerly waiting for.
The CBRT Monetary Policy Committee increased the policy rate by 650 basis points to 15 percent at its regular meeting in April.
After the Decision, A Sharp Movement Occurred in the Dollar Rate
In the decision announced in July last year, the CBRT kept the interest rate constant at 14 percent for the 7th time in a row, cut interest rates in August, September, October and November, and kept the interest rate constant at 9 percent in December and January.
In February, the CBRT cut the policy rate by 50 basis points to 8.5 percent. In March, interest rates were left unchanged at 8.5 percent. Similarly, interest rates were kept constant at 8.5 percent in April and May.
The Central Bank of the Republic of Turkey was expected to increase the policy rate after 27 months.
Today's CBRT Monetary Policy Committee held its first meeting under the chairmanship of Hafize Gaye Erkan after the changes in the economy management and made an important change in the interest policy.
*Not investment advice.