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Attention Turns to CBRT Amid Light Local News Flow

TURKEY
  • There is very little in the way of notable domestic news flow this morning, with focus turning to the upcoming CBRT rate decision on Thursday. No change to the one-week repo rate of 45% is expected with the central bank having very likely concluded its rate hiking cycle last month. Nevertheless, we are likely to see further adjustments to banking regulation as well as the use of alternative tools to manage financial conditions. Our preview for the decision will be released later today.
  • Note Bloomberg reported yesterday that Turkey put an $8.5 billion sukuk deal with the United Arab Emirates on hold as it looks to explore cheaper options in global bond markets. According to people familiar with the discussions, Ankara views the yield demanded by Abu Dhabi Development Holding Co PJSC, the fund owned by the UAE, as unfavourable.
  • There are no economic releases scheduled for today, with consumer confidence data for February set to cross tomorrow morning (Prior: 80.4).

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