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When is the Central Bank’s Interest Rate Decision? (June 2024 CBRT Monetary Policy Committee Interest Rate Decision)

The countdown has begun for the Central Bank of the Republic of Turkiye’s (CBRT) interest rate decision meeting. Investors closely monitor the Central Bank’s interest rate decision, which affects the dollar, gold, stock market, and deposit interest rates. The direction of the Central Bank’s interest rate decision in June is of particular interest. So, when is the Central Bank’s interest rate decision in June?

WHEN IS THE CENTRAL BANK’S INTEREST RATE DECISION?

The schedule for the Central Bank of the Republic of Turkiye (CBRT) Monetary Policy Committee’s interest rate decision for June has been announced.

Accordingly, the Central Bank’s interest rate decision for June will be announced on Thursday, June 27, 2024, at 14:00. ABOUT THE CBRT MAY INTEREST RATE DECISION

In the announcement regarding interest rates from the CBRT, it was reported that the Committee, chaired by Ya┼čar Fatih Karahan, decided to keep the policy rate at 50%.

The announcement stated, “The main trend of monthly inflation in April has shown limited weakening. Indicators for the recent period indicate a slowdown in domestic demand compared to the first quarter.”

However, it was stated in the announcement that the increase in consumer goods imports in April limited the improvement in the current account balance, and the high trend and rigidity in service inflation, inflation expectations, geopolitical risks, and food prices kept inflationary pressures alive.

It was stated in the announcement that the Committee closely monitors inflation expectations and pricing behaviors with forecasts and, the following was noted:

“While monitoring the effects of monetary tightening on loans and domestic demand, the Committee, while deciding to keep the policy rate stable considering the delayed effects of monetary tightening, reiterated its cautious stance against upside risks to inflation. A tight monetary policy stance will be maintained until a significant and permanent decrease is achieved in the main trend of monthly inflation and inflation expectations approach the predicted range. In case of a significant and permanent deterioration in inflation, the monetary policy stance will be tightened. The determined stance in monetary policy will establish a decrease in the main trend of monthly inflation and achieve disinflation in the second half of the year through balancing domestic demand, real appreciation in the Turkish lira, and improvement in inflation expectations.”

Source: NTV / Prepared by Irem Yildiz

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