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    Turkey's central bank cuts its policy rate to 36%, its first reduction since January

    The 100 basis point cut matched forecasts, but the bank kept warning that high energy prices could force it to tighten again.

    HedgeWeekly News Desk ·

    The Central Bank of the Republic of Turkey cut its one-week repo rate by 100 basis points to 36% on Thursday, its first reduction since January, in line with economists' forecasts. The overnight lending rate fell to 39% from 40% and the overnight borrowing rate to 34.5% from 35.5%.

    The Monetary Policy Committee said recent inflation data and leading indicators point to a downward trend and that domestic demand remains persistently weak. Annual consumer inflation slowed to 29.7% in September, the first reading below 30% since late 2021, leaving the new policy rate about six percentage points above headline inflation.

    The bank named high energy prices tied to geopolitical tensions as a source of upward pressure, said it would keep monetary conditions tight until price stability is reached, and repeated that a significant and sustained worsening of the inflation outlook could lead it to tighten. The rate had stood at 37% since a January cut from 38%, with holds in April, July and September.

    For emerging market investors, the move restarts easing in one of the highest-rate major economies on a day when other policymakers leaned the other way: the Bank of Korea held at 3% while keeping a November hike in play, and the ECB's Martins Kazaks said more tightening may be needed if inflation stays above target. With oil climbing again on Thursday on Middle East headlines, the energy caveat is the one to watch. The bank publishes its meeting summary on October 30 and its next Inflation Report on November 12; its medium-term target is 5%.

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