The central bank (CBT) now writes in its statements: ‘Monetary tightening will be further strengthened as much as needed in a timely and gradual manner until a significant improvement in inflation outlook is achieved.’ If the market believed this comment, the Lira would appreciate again.

It must be doubts about the scope President Recep Tayyip Erdoğan grants the CBT. As these doubts cannot be dispelled by any rate decisions the rate decisions are irrelevant for the TRY exchange rates.