Monetary Policy Committee

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.
 

Turkish Central Bank Governor Şahap Kavcıoğlu told investors on Oct. 7 that policy was sufficiently tight to tackle inflation and that he expected core price measures to fall in the short term.

The bank cut its key interest rate by 100 basis points to 18 percent.

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 Aug. 12 kept its one-week repo rate- also known as the policy rate-steady at 19%, in line with market expectations, for the fifth month in a row.

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Turkey's Central Bank will release its third inflation report of 2021 later this week on July 29.

In the second report, which was unveiled at the end of April, the bank increased the year-end inflation forecast to 12.2 percent for this year, up from 9.4 percent in the January report.

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."

Turkey's Central Bank chief on June 2 tried to quash speculation that the bank's Monetary Policy Committee (MPC) will cut interest rates earlier than investors expect.

The new governor told investors in remarks carried by Turkish media that market expectations of an impending rate cut were groundless.

Turkey's central bank on April 15 held its main interest rate at 19 percent in the first decision since President Recep Tayyip Erdoğan sacked its former governor.

In its fourth Monetary Policy Committee (MPC) meeting under new Governor Şahap Kavcıoğlu, the bank made no changes to its benchmark policy rate - also known as the one-week repo rate- keeping it at 19%.

The Central Bank of the Republic of Turkey (CBRT) will continue to use monetary policy tools effectively to achieve a permanent decline in inflation, its new governor said on March 21.

Turkey's central bank on March 18 hiked its main interest rate by a higher-than-expected 200 basis points to 19 percent to counter rising inflation and the dropping value of the lira.

The bank said it "has decided to implement a front-loaded and strong additional monetary tightening" after seeing the annual inflation rate climb to 15.6 percent last month.