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Türkiye Leaves Policy Rate Unchanged At 45%, Meeting With Forecasts

22.02.2024 16:42

Current level of policy rate to be maintained until underlying trend of monthly inflation falls significantly, says Central Bank of Türkiye.

The Central Bank of Türkiye on Thursday left its policy rate, also known as the one-week repo rate, unchanged at 45%, in line with market consensus.

The current level of the policy rate will be maintained until the underlying trend of monthly inflation drops significantly and until inflation expectations converge to the projected forecast range, it said in a statement following this year's first Monetary Policy Committee meeting.

It signaled that further hikes are possible if inflation goes up persistently.

"Monetary policy stance will be tightened in case a significant and persistent deterioration in inflation outlook is anticipated," the bank said.

Türkiye's annual inflation edged up to 64.86% in January from 64.77% in the previous month, according to the country's statistical authority.

The bank projects 36% inflation at the end of this year.

The committee will closely monitor the alignment of inflation expectations and pricing behavior with projections, and the impact of wage increases on inflation, it said, adding: "The determination in tight monetary stance will continue to contribute to Turkish lira's real appreciation process, which is a key element of disinflation."

In its January meeting, the bank hiked its policy rate by 250 basis points from 42.5% to 45%. -

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