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.
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 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%.
Turkey's Central Bank on Jan. 28 kept the country's year-end inflation forecasts unchanged at 9.4% this year and 7% next year.
The inflation rate will fluctuate between 7.3% and 11.5% through end of this year, the bank's governor told a virtual meeting held to release the bank's first quarterly inflation report in 2021.