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Turkey's central bank keeps interest rates unchanged and will cut them if the outlook allows
According to Bloomberg, Turkey's central bank kept its benchmark interest rate unchanged while signaling that the central bank may cut interest rates if inflation continues to decline and geopolitical risks ease.
The monetary policy committee led by Governor Fathi Karahan has kept the weekly repurchase interest rate at 46%, which is consistent with the expectations of all economists in the Bloomberg survey.
In a statement released on Thursday, Turkey's Monetary Policy Committee said: "If a significant and sustained deterioration in inflation is foreseen, we will use all monetary policy tools effectively." This statement reverses the previous guidance that the central bank would tighten monetary policy if the outlook for price growth deteriorated.
The committee also kept the interest rate range (the difference between overnight lending rates) unchanged at 44.5% and 49%.
The monetary authority pointed out that the inflation data for May is encouraging, dropping to the lowest point in nearly four years at 35.4%. Leading indicators suggest that the inflation rate is expected to fall in June. The monetary authority also noted that data for the second quarter indicates that domestic demand is slowing down.
The Chief Economist of Qatar National Bank (QNB Bank) in Istanbul, Erkin Isik, believes that the change in guidance is a sign of an interest rate cut next month. "The optimistic statement on inflation in June and the slowdown in domestic demand in the second quarter support this," Isik added.