Turkish MPC holds rates after sharp inflation rise

The Central Bank of the Republic of Turkey

Turkey’s monetary policy committee voted to hold rates on January 20, a day after the central bank secured several billion dollars of foreign exchange funding.

The MPC kept the one-week repo auction rate at 14%, after cutting it several times during 2020 despite a falling currency and rising inflation. All six current members of the MPC attended the meeting, which was chaired by governor Şahap Kavcıoğlu.

Turkish president Recep Tayyip Erdoğan has dismissed the last three central bank governors

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