Monetary Policy Committee
The Turkish Central Bank on Nov. 18 cut its benchmark one-week repo rate by 100 basis points from 16 percent to 15 percent in line with market expectations.
At its 11th Monetary Policy Committee meeting this year, the bank said recent increases in inflation had been driven by supply-side factors such as rising food and import prices, especially in energy, and supply constraints.
Turkey has appointed a new deputy governor to the country's Central Bank and a new member to the bank's Monetary Policy Committee (MPC) while dismissing two deputy governors and one MPC member.
According to a presidential decree early on Oct. 14, Taha Çakmak has been appointed as the new deputy governor of the bank while Yusuf Tuna was appointed as a member of the committee.
Turkey's Central Bank on Sept. 23 lowered its one-week repo rate - also known as the policy rate - by 100 basis points to 18 percent.
The Monetary Policy Committee at its ninth meeting this year evaluated core inflation and supply shocks which can be affected by monetary policy, and decided to revise the bank's monetary policy stance.
Turkey's Central Bank on June 17 kept its one-week repo rate- also known as the policy rate- steady at 19%, in line with market expectations.
After the committee's sixth Monetary Policy Committee meeting this year, the bank said in a statement that "high levels of inflation expectations continue to pose risks to the pricing behavior and inflation outlook."