The post BREAKING! CBRT Announced its November Interest Rate Decision, Here is the Reaction of the Dollar! appeared on BitcoinEthereumNews.com.

CBRT announced its November interest rate decision. The CBRT Monetary Policy Committee increased interest rates to 40% in November with a 500 basis point increase. CBRT increased the rate to 35% with a 500 basis point interest rate increase in October. What Was the Dollar’s Reaction to the Interest Rate Decision? As you may remember, in previous meetings it was stated that the low interest policy would be abandoned and interest rates would be increased. At this point, while the CBRT continues to increase interest rates, the dollar is traded at 28.75 TL after the decision. The text of the decision is as follows: “The Monetary Policy Committee (Board) has decided to increase the one-week repo auction interest rate, which is the policy rate, from 35 percent to 40 percent. Headline inflation, which decreased slightly in October, remains consistent with the outlook presented in the last Inflation Report. The current level of domestic demand, rigidity in service prices and geopolitical risks keep inflation pressures alive. On the other hand, near-term indicators point to the start of balancing in domestic demand as monetary tightening is reflected in financial conditions. The Board also evaluates that a limited improvement has begun in inflation expectations and pricing behavior. The improvement in external financing conditions, the ongoing increase in reserves, the support of the balancing of demand to the current account and the increase in domestic and foreign demand for Turkish lira assets contribute strongly to exchange rate stability and the effectiveness of monetary policy. In this context, a decline is observed in the main trend of monthly inflation. The Board evaluated that the level of monetary tightness required to establish disinflation has been significantly approached. In this context, the rate of monetary tightening will be slowed down and the tightening steps will be completed…

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Filed under: News - @ November 24, 2023 2:26 am