USD/TRY keeps the trade above 18.60 post-CBRT rate cut – by pabspiovano USDTRY CBRT Türkiye Currencies Crosses
The central bank cut the interest rate by 150 bps, as expected.The Turkish lira gives away some of its previous gains and promptsUSD/TRY sets aside two daily pullbacks in a row and regains upside momentum on the back of the resumption of the bearish note around the Turkish lira.
The central bank announced that the easing cycle that started back in August is now over. It is worth recalling that the CBRT reduced the policy rate from 14.00% in July to 9.00% in November, fulfilling President Erdogan’s pledge of having single-digits interest rate by end of the year.On the latter, consumer prices tracked by the headline CPI rose more than 85% in the year to October and the government expects it to recede to around 65% by year end.
In addition, the lira is poised to keep suffering against the backdrop of Ankara’s plans to prioritize growth via transforming the current account deficit into surplus, always following a lower-interest-rate recipe.: Capacity Utilization, Manufacturing Confidence, CBRT Interest Rate Decision .: FX intervention by the CBRT. Progress of the government’s scheme oriented to support the lira via protected time deposits. Constant government pressure on the CBRT vs. bank’s credibility/independence.
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