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Taking into account that the average cost of financing is currently 14.75%, raising the policy rate to 15% will in practice mean a limited increase in financing costs. However, investors still saw the decision as the first major test of the new Central Bank Governor Ağbal.
Baki Atılal: Complex monetary policy abandoned
THE CENTRAL BANK HAS ANNOUNCED A DECISION OF INTEREST AT 2:00 PM
Economists expect the policy rate to be between 12.25% and 16%. The decision will be announced at 140: 00 hours. The dollar / TL, which has fluctuated in both directions between 7.6045-7.8000 since the beginning of the week, is at the 7.7005 / 7.7250 level at 08:50 this morning. At the same time, the euro / TL stood at 9.1243 / 9.1541 and TL 8.4126 / 8.4398 in a basket.
Although the dollar retreated to 7.63 lira in the afternoon before the interest rate decision, it did not become permanent here and fell back into the 7.70 band.
The MPC meeting of the Monetary Policy Committee of the Central Bank of Turkey (CBT) was held in October 2020 under a new management of the President of the Central Bank, Naci Ağbal. After the meeting, the Central Bank announced its critical decision on the interest rate. Consequently, the Central Bank increased the policy rate by 475 basis points.
DOLLARS FALL HARD AFTER THE INTEREST DECISION
Following the Central Bank’s decision on the interest rate, the dollar rate quickly retreated from the 7.70 lira level and reached the 7.50 lira level.
CLICK TO DOLLAR DRY LIVE NEXT …
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