The Central Bank has released a summary of the interim meeting, emphasizing the importance of tight monetary policy and indicating that additional measures will be taken if necessary. The Central Bank of the Republic of Turkey (CBRT) published summaries of the interim meeting where the overnight lending rate was raised. The statement from the Central Bank highlighted that all tools available to achieve price stability will continue to be used decisively and effectively within market rules.

The statement from the CBRT included the following words: “A tight monetary policy stance will be maintained until a permanent decline in inflation and price stability is achieved. The Committee will determine the steps to be taken regarding the policy rate with a focus on the inflation outlook, taking a cautious and meeting-based approach. In case of a significant and permanent deterioration in inflation, the monetary policy stance will be tightened. Additional measures will be taken if deemed necessary to ensure the continued efficient functioning of financial markets. The proactive measures taken to reduce volatility in financial asset prices aim to limit the upside risks on the inflation outlook.”