Official data showed on Thursday that reserves have risen in the past few months to their highest levels this year from their lowest level in June 2023, after the general election, when they fell to minus $5.7 billion, their lowest level since data began to be published in 2002.
The exchange rate that Reuters relied on today is 33.8984 liras to the dollar.
Turkey’s central bank left interest rates unchanged for the sixth straight month, in line with expectations, awaiting further indications that inflation expectations will match its own estimates before considering any rate cuts.
The Turkish Central Bank said in a statement on Thursday that it had decided to keep interest rates at 50 percent.
“Monetary policy tools will be used effectively if a significant and sustained deterioration in inflation is expected,” the Monetary Policy Committee said in its statement.
It is noteworthy that previous statements had explicitly pledged to tighten monetary policy further if necessary.
Economists polled by Reuters had expected the Turkish central bank to keep interest rates at 50 percent.
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