At its 19 November monetary policy meeting, the Central Bank of the Republic of Turkey (CBRT) decided to keep the one-week repo rate at 4.50%, a decision that was in line with market expectations. The Bank also maintained the overnight borrowing rate at 3.50% and the overnight lending rate for non-primary dealers at 7.75% (primary dealers: unchanged at 6.75%). That said, the CBRT cancelled the one-month repo auctions and thus expects interbank money rates to settle around 7.75%. With this move, the Bank “strengthened” its cautious stance.
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