Turkish Lira Rises To 6-day High Vs U.S. Dollar After Turkey Rate Decision
27 July 2017 - 7:25PM
RTTF2
The Turkish Lira climbed against the U.S. dollar in the European
session on Thursday, as Turkey's central bank left its key interest
rates unchanged and asserted to maintain a tight stance of monetary
policy until inflation outlook displays a significant
improvement.
The Monetary Policy Committee, led by Governor Murat Cetinkaya,
kept the key lending rate, known as the Marginal Funding Rate, at
9.25 percent. This rate was last hiked in January by 75 basis
points.
The overnight borrowing rate was maintained at 7.25 percent and
the one-week repo rate was kept unchanged at 8.00 percent. The
decision came in line with economists' expectations.
Despite expected partial correction in food prices, current
elevated levels of inflation pose risks on the pricing behavior.
The committee decided to maintain the tight stance of monetary
policy.
The Turkish Lira firmed to a 6-day high of 3.5206 against the
greenback, compared to Wednesday's closing value of 3.5327.
Continuation of the Lira's uptrend may see it challenging
resistance around the 3.5 region.
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