Following the meeting on July 20, the Central Bank of Türkiye may announce an increase in the discount rate up to 16.5-17%, SİA informs via Hürriyet newspaper.
The paper notes that the regulator does not want to put the business sector in a difficult situation.
Türkiye's central bank said in June that it would continue to gradually tighten monetary policy until the inflation outlook improves significantly. On June 22, for the first time in more than two years, the regulator raised the key rate to 15% from 8.5%, while analysts had expected it at 21%. Meanwhile, the value of the Turkish national currency - the lira - has updated its historical low against the US dollar and for the first time has overcome the psychological mark of 26 lira per dollar.
“The central bank, by unloading the markets by rapidly raising interest rates, does not want to leave some segments of society and the business sector in a difficult situation... After all, everyone knows that raising interest rates is one of the biggest obstacles to investment. Unless there are any surprises, the interest rate may be around 16.50-17%. However, we should not forget that the monetary policy committee meets every month, and all data, especially the development of the situation in the economy and the consequences of the decisions taken, are considered," the newspaper writes.
Turkish Treasury and Finance Minister Mehmet Simsek said earlier that the country's central bank reserves increased to $108.6 billion at the end of June from $98.5 billion at the end of May, and the ministry will continue to look for new sources of external injections.
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