The Central Bank published a summary of the interim meeting. Emphasizing the tight monetary policy, the CBRT sent a message that additional measures will be taken if deemed necessary. The Central Bank of the Republic of Turkey (CBRT) published summaries of the interim meeting where the overnight lending rate was raised. In a statement from the Central Bank, it was mentioned that all tools held for the purpose of price stability will continue to be used decisively and effectively within market rules.

The statement from the CBRT used the following expressions: “A tight monetary policy stance will be maintained until a permanent decrease in inflation and price stability is achieved. The Board will determine the steps to be taken regarding the policy rate with a focus on the inflation outlook, a cautious and meeting-based approach. In case of a clear and permanent deterioration in inflation, the monetary policy stance will be tightened. Additional measures will be taken if deemed necessary to ensure the effective functioning of financial markets. The proactive measures taken to reduce volatility in financial asset prices are aimed at limiting upward risks on the inflation outlook.”