USD/TRY Defies DXY Decline To Max Out Around 18.50 On CBRT Hints

 

USD/TRY ignores the US dollar’s decline to maintain its lead and retest the record high at 18.48 ahead of Tuesday’s European trading session. The Turkish Lira (TRY) seems to applaud these indications of more rate reduction from the Central Bank of the Republic of Türkiye (CBRT).

According to Reuters, a CBRT official document released on Monday mentions that Turkey’s central bank dropped its reference interest rate for October by over 140 basis points to 13.96% to slash rates on business loans significantly. According to the news, the central bank announced additional mandated bond holdings for lenders last month to narrow the growing gap between the bank’s policy rate and lending rates.

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