CBRT-Tight monetary policy stance to be maintained decisively

The tight monetary policy stance would be maintained decisively, taking into account the end-2021 forecast target, for an extended period until strong indicators point to a permanent fall in inflation and price stability, according to the summary of the Monetary Policy Committee meeting of the Central Bank of the Republic of Turkey (CBRT), released on Friday.

NEWS IN ENGLISH 25.03.2021, 17:10

CBRT-Tight monetary policy stance to be maintained decisively

"Considering the upside risks to inflation expectations, pricing behaviour and the medium-term inflation outlook associated with these developments, the MPC has decided to implement a front-loaded and strong additional monetary tightening" read the summary and added:

"The tight monetary policy stance will be maintained decisively, taking into account the end-2021 forecast target, for an extended period until strong indicators point to a permanent fall in inflation and price stability. In regard to the indicators pointing to a permanent fall in inflation and price stability, indicators for the underlying trend of inflation and pricing behaviour, diffusion indices, demand and cost factors, and inflation expectations will continue to be monitored closely for their compatibility with the targets in the forecast horizon.

"The interaction of the risks on the inflation outlook caused by the recent acceleration in loans, the increasing volatility in financial markets due to rising global inflation expectations, and the increase in international commodity prices with the pricing behaviour and inflation expectations will be closely monitored. Additional monetary tightening will be delivered if needed."

The balance between the monetary policy rate and actual/expected inflation will be sustained decisively to maintain a strong disinflationary effect until permanent price stability and the 5.0 percent target are reached, according to the CBRT summary, adding that, sustaining the tight monetary policy stance in such a manner, besides attaining permanent price stability, will foster macroeconomic and financial stability positively by facilitating the fall in the country risk premium, the reversal in currency substitution, the accumulation of foreign exchange reserves and the perpetual decline in financing costs.

"Demand and cost-side effects remain significant for inflation given credit market and economic activity indicators, as well as exchange rate volatility and developments in import prices" read the summary and went on as follows:

"The outlook for domestic demand, international prices and global risk appetite heighten the risks arising from external financing needs to the balance of payments. In formulating the monetary policy towards the target of price stability, the Committee will continue to follow an approach that also addresses the risks to financial stability.

"The Committee reiterated its judgement that in order to achieve price stability, strong policy coordination and a holistic macro policy mix involving all stakeholders are required.
"In its decision-making process, the CBRT adopts a framework with a medium-term perspective, based on analyzing all factors affecting inflation and the interaction between these factors."

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Tümü

Takımlar	O	P
1. Galatasaray	33	90
2. Fenerbahçe	33	86
3. Trabzonspor	33	55
4. Beşiktaş	33	51
5. Başakşehir	33	49
6. Rizespor	33	48
7. Kasımpasa	33	46
8. Antalyaspor	33	45
9. Alanyaspor	33	45
10. Sivasspor	33	45
11. A.Demirspor	33	41
12. Samsunspor	33	39
13. Ankaragücü	33	37
14. Kayserispor	33	37
15. Konyaspor	33	36
16. Gaziantep FK	33	34
17. Hatayspor	33	33
18. Karagümrük	33	33
19. Pendikspor	33	30
20. İstanbulspor	33	16

Takımlar	O	P
1. Eyüpspor	31	69
2. Göztepe	31	63
3. Ahlatçı Çorum FK	31	55
4. Sakaryaspor	31	54
5. Bodrumspor	31	52
6. Kocaelispor	31	52
7. Bandırmaspor	31	47
8. Boluspor	31	47
9. Gençlerbirliği	31	47
10. Erzurumspor	31	42
11. Ümraniye	31	37
12. Manisa FK	31	36
13. Keçiörengücü	31	36
14. Şanlıurfaspor	31	34
15. Tuzlaspor	31	33
16. Adanaspor	31	32
17. Altay	31	15
18. Giresunspor	31	7

Takımlar	O	P
1. Arsenal	34	77
2. Liverpool	34	74
3. M.City	32	73
4. Aston Villa	34	66
5. Tottenham	32	60
6. M. United	33	53
7. Newcastle	33	50
8. West Ham United	34	48
9. Chelsea	32	47
10. Bournemouth	34	45
11. Brighton	32	44
12. Wolves	34	43
13. Fulham	34	42
14. Crystal Palace	34	39
15. Brentford	34	35
16. Everton	34	33
17. Nottingham Forest	34	26
18. Luton Town	34	25
19. Burnley	34	23
20. Sheffield United	34	16

Takımlar	O	P
1. Real Madrid	32	81
2. Barcelona	32	70
3. Girona	32	68
4. Atletico Madrid	32	61
5. Athletic Bilbao	32	58
6. Real Sociedad	32	51
7. Real Betis	32	48
8. Valencia	32	47
9. Villarreal	32	42
10. Getafe	32	40
11. Osasuna	32	39
12. Sevilla	32	37
13. Las Palmas	32	38
14. Deportivo Alaves	32	35
15. Rayo Vallecano	32	34
16. Mallorca	32	31
17. Celta Vigo	32	31
18. Cadiz	32	25
19. Granada	32	18
20. Almeria	32	14