The summary of the March 6 meeting of the CBRT Monetary Policy Board was published.
“It is estimated that the Global Growth Index, which is dominated by the export shares of Türkiye’s foreign trade partners with export shares of foreign trade partners in 2025, is estimated to increase by 2.1 percent in 2026,” the uncertainties related to the increase in protectionist tendencies in global trade and trade policies have adversely affect the appearance of global growth in the recent period. ” said.
The following statements were included in the summary:
“Although it is preserved that Türkiye’s external demand will gradually recover, it is considered that this situation will be more delayed compared to the estimates in January. The weak appearance in the manufacturing industry has been preserved while the positive course continues in the service sector.”
In the summary, the growth tendency of the US economy continues to be positive from other developed countries, “Global demand appearance, increase in protectionist tendencies, supply -oriented factors and geopolitical risks cause commodity prices to follow a wavy course. The increasing uncertainties of global economy and trade policies and geopolitical developments in terms of global economic activities. evaluation.
In the summary, global inflation has recently followed a horizontal course, while the solidarity in service inflation continues, while protectionist tendencies in trade policies increase the upward risks on inflation.
In the summary of the developed and developing countries (GU) interest rate cuts continued, the central banks will continue their cautious approaches in discount processes due to increasing global uncertainties in the recent period, and the portfolio outputs from GU stock markets continue in this process.
In the summary, the Turkish Lira (TL) deposit interest rates, in accordance with the policy interest rate reduction, compared to the week of January 24, decreased by 178 basis points as of the week of February 28, 50.1 percent as of the week, “the same period of TL commercial loan interest rates (excluding deposit account and credit card) 588 basis points to 588 percent; 64,8 Housing loan interest rates decreased by 39.9 percent; said.
The average of 4-week growth rates of individual loans decreased to 2.7 percent in the period of 24 January-28 February.
In the summary, the average of the 4 -week growth rates of TL commercial loans decreased from 2.3 percent to 1.7 percent, while the average of 4 -week growth rates in foreign currency (YP) purified from the exchange rate effect was transferred to 2.0 percent in the previous PPK period.
In order to support the strict monetary stance by taking into consideration the developments in the YP loans, the amendment was made on 1 March 2025 based on credit growth.
In the summary, in the scope of the exit strategy from exchange rate protected deposit (KKM) accounts, it was decided to terminate the account opening and renovation transactions in all KKM accounts (including Yuvam accounts) as of 15 February 2025:
“In addition, the legal entity KKM accounts have been removed from the targets regarding the transition and renewal of the KKM to TL. In order to strengthen the monetary transfer mechanism, the funds provided by the Banks from the term of TL up to 1 year (including 1 year), loans used from abroad and the abroad banks deposit (participation fund) are increased from 8 percent to 12 percent.
The Central Bank of the Republic of Turkey (CBRT) has increased US $ 6.2 billion since January 24 and increased to USD $ 173.7 billion as of February 28, and Türkiye’s 5 -year credit risk premium (CDS) decreased to 255 basis as of March 5 since January 22.
In the summary, the Turkish Lira’s 1 -month -term exchange rate volatility to 9.1 percent as of March 5, 12 -month -term exchange rate volatility to 17.3 percent, “since the previous PPK meeting week of the State Domestic Debt Securities (DIBS) market 0.3 billion dollars, a total of 0.8 billion dollars to the stock market was $ 0.8 billion. said.
