• The Turkish currency sinks to record lows vs. the US Dollar.
• The CBRT left its One-Week Repo Rate unchanged at 50.00%.
• The central bank said it will maintain its restrictive stance.

The Turkish lira weakens further and sends USD/TRY to fresh all-time highs in levels shy of the 34.0000 barrier on Tuesday.

The CBRT kept rates unchanged, as expected

USD/TRY extended its uptrend for yet another session on Tuesday, marking its fifth daily gain in a row so far.

Extra losses in TRY accelerated after the Turkish central bank (CBRT) maintained its One-Week Repo Rate at 50.00% for the fifth month in a row at its meeting on Tuesday.

The bank indicated that the underlying trend of monthly inflation had edged up slightly in July but remained below its second-quarter average. It also reiterated its commitment to maintaining a tight monetary stance until it observes "a significant and sustained decline in the underlying trend of monthly inflation" and expectations align with the projected forecast range.