Turkish Central Bank to announce ınterest rate decision on thursday
The Turkish Central Bank is set to announce its interest rate decision by the Monetary Policy Committee on Thursday, July 20th. The bank had previously raised the policy rate to 15 percent at its last meeting.
Anticipation is building for the July interest rate decision of the Turkish Central Bank.
The schedule for the Monetary Policy Committee of the Central Bank of the Republic of Turkey (CBRT) has been announced.
Accordingly, the July interest rate decision will be announced on Thursday, July 20th, 2023, at 14:00 local time.
WHAT ARE THE RATE EXPECTATIONS?
Economists surveyed by AA Finans regarding the Monetary Policy Committee (MPC) meeting of the CBRT expect a 500 basis point increase in the one-week repo auction rate (policy rate), bringing it to 20.00 percent.
The survey conducted by AA Finans, with the participation of 20 economists, revealed that the median expectation for the change in the policy rate is an increase of 500 basis points.
According to survey results, economists' expectations for the policy rate range between 17.50 and 21.50 percent, anticipating an increase of 250 to 650 basis points, while year-end policy rate expectations range from 25 to 50 percent.
The median expectation for economists' year-end policy rate forecast stands at 28.50 percent.
RATE WAS INCREASED TO 15 PERCENT IN JUNE
The Central Bank of the Republic of Turkey announced its decision for the June interest rate meeting last month.
Under the leadership of the newly appointed Governor, Hafize Gaye Erkan, the Monetary Policy Committee raised the policy rate by 650 basis points, bringing it to 15 percent.
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