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Eyes on Turkish Central Bank's interest rate decision this week

Global markets witnessed a complicated outlook this week as uncertainties over when the US Federal Reserve (Fed) will start reducing interest rates persisted, while domestic markets kept their eyes on the Central Bank of Republic of Türkiye (CBRT)'s interest rate decision.

Eyes on Turkish Central Bank's interest rate decision this week

Markets followed a complicated outlook this week as uncertainties persist over when the US Federal Reserve (Fed) will start cutting interest rates, while domestic markets are keeping an eye on the Central Bank of the Republic of Türkiye's interest rate decision.

While question marks about ongoing inflation struggle across the world have increased, uncertainties regarding the monetary policies to be taken in the coming period also continue.

In money markets, the Fed is certain to leave interest rates unchanged at its upcoming monetary policy meeting on March 19-20, while the probability of the bank starting to cut interest rates is priced at 7 percent in May and 59 percent in June.

Domestically, eyes on Central Bank of Türkiye's interest rate decision

While the BIST 100 index in Borsa Istanbul completed the week at 8,828.70 points, down 3.57 percent, investors are waiting for the decision of the Monetary Policy Committee (MPC) meeting of the Central Bank of the Republic of Türkiye (CBRT) which will be announced next week.

Dollar/TL completed the week at 32.0749, 0.5 percent above the previous close.

Within the scope of additional tightening steps, the Central Bank raised the interest rate on cash withdrawals from credit cards and overdraft accounts to the level compatible with the interest rate of general purpose loans, while taking new steps to increase the share of Turkish lira deposits in the banking system.

In this context, the Bank changed the calculation method of the monthly maximum contractual interest rate to be applied to cash advance transactions made from credit cards and overdraft accounts. According to the new method, the monthly maximum contractual interest rate was increased from 4.42 percent to 5 percent.

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SteelRadar Insight - Sayı 1 (Haziran 2024)

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