Turkey central bank holds rate at 37% for fourth straight meeting
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Turkey's central bank kept its key interest rate unchanged at 37% on July 23, the fourth consecutive meeting without a change. The bank also held the overnight lending rate at 40% and the overnight borrowing rate at 35.5%.
Rate Decision
The Central Bank of the Republic of Turkey held its benchmark one-week repo rate at 37% on July 23, matching market expectations. The overnight lending rate remained at 40% and the overnight borrowing rate at 35.5%. The bank reiterated that tight monetary policy will continue until price stability is achieved, with a 5% inflation target.
Inflation Outlook
Turkey's annual inflation slowed to 32.11% in June, according to the Turkish Statistical Institute. The central bank has maintained a cautious stance, with markets expecting no imminent easing. The bank's next meeting is scheduled for August 20.
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