CBRT Increased the Swap Rate To 19 Percent

The Central Bank of the Republic of Turkey increased the Turkish Lira interest used in the weekly swap to 19 percent.

CBRT increased the swap rate to 19 percent. The Central Bank of the Republic of Turkey, which increased the policy rate to 19 percent yesterday, increased the Turkish Lira interest used in the weekly swap to 19 percent. CBRT-side swap transactions had increased to 46 billion dollars since mid-March. The CBRT, which increased its policy rate by 200 basis points to 19 percent at its March meeting, also preserved its strong tightening messages. The market was expecting a 100 basis point increase in interest rates. In the text of the decision, it was pointed out that it was decided to make an additional front-loaded monetary tightening, taking into account inflation expectations, pricing behavior and risks on the medium-term inflation outlook. In the text, the message was given that additional monetary tightening could be made if needed.