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Turkey’s headline inflation saw the sharpest drop in nearly two years in July, a slowdown largely due to base effects that officials may overlook as they focus on more immediate risks to prices, Bloomberg News reported. Data on Monday showed headline inflation slipped to 61.8% in July, from 71.6% the previous month. The median forecast of economists surveyed by Bloomberg was for 62%. Monthly price growth, the central bank’s preferred gauge, came in at 3.23% after a gain of 1.64% in June, more than estimated by analysts.
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Turkey’s central bank said it’s focusing attention on a build-up of lira liquidity as it extended its interest-rate pause into a fourth month, Bloomberg News reported. The Monetary Policy Committee, led by Governor Fatih Karahan, left the one-week repo rate at 50% on Tuesday. It repeated that the sterilization of liquidity “will be implemented effectively” with additional tools, with state media reporting that the authority is preparing to use foreign exchange and gold swaps to mop up excess liras.
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Turkey’s central bank said it’s focusing attention on a build-up of lira liquidity as it extended its interest-rate pause into a fourth month, Bloomberg News reported. The Monetary Policy Committee, led by Governor Fatih Karahan, left the one-week repo rate at 50% on Tuesday, in line with the forecasts of all analysts surveyed by Bloomberg. It repeated that the sterilization of liquidity “will be implemented effectively” with additional tools “whenever needed.” The price of 10-year lira government bonds rose, sending the yield down 28 basis points to 27.78% as of 4:16 p.m. in Istanbul.
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