Turkey’s Central Bank Holds Benchmark Repo Rate at 37.00%

A hold here is less a signal than a pause: the central bank is opting to preserve the existing policy stance rather than extend its tightening cycle, which matters most for lira-denominated carry and for crypto demand in a market where currency hedging is a persistent theme. Because the decision matched expectations, it likely already sits in positioning, so the marginal information is limited. The open question is whether this marks the end of the tightening bias or merely a skip, and what that means for lira volatility going forward.