USD/TRY drops to 8.1560 after new CBRT Chief says inflation to peak in April

The newly appointed Central Bank of the Republic of Turkey (CBRT) Governor Şahap Kavcıoğlu said that he expects inflation to peak in April and then enter a downward trend.

Additional quotes

When asked about a possible rate cut this year, says “monetary policy decisions will be based on data.”

“Exchange rate pass-through has increased.”

“Building up reserves through re-discount credits.”

USD/TRY hits multi-day lows, then rebounds

USD/TRY tumbled to a six-day low of 8.1558 on the CBRT Governor’s comments before recovering sharply to 8.1870.

The spot was last seen trading at 8.1704, down 0.30% on the day.