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CBRT Expected to Complete Tightening Cycle

TURKEY
  • The CBRT are widely expected to end their tightening cycle with a 250bp hike, taking the one-week repo rate to 45%. The decision will be announced at 11:00GMT/14:00 local time. See our full preview of the decision, with a summary of sell-side analyst views, here.
  • US President Joe Biden sent a letter to Congress committees on Jan 24 saying he intends to launch the process for the sale of F-16 fighter jets to Turkey once Ankara finalises Sweden's NATO admission process, Reuters report. Turkey requested to buy $20bln worth of F-16 aircraft in October 2021, though the finalisation of the deal was delayed as it became linked to Turkey's approval of Stockholm's entry to NATO.
  • Manufacturing confidence was 100.9 in January, according to the Central Bank of Turkey, up from 99.1 in December. Adjusted manufacturing confidence was 102.9 (Prior: 103.4), while capacity utilisation was 76.2% (Prior: 77.5%).

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