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CBRT Expected to Hold Rates at 9.0%

TURKEY
  • The CBRT rate decision at 1100 GMT/1400 local time takes focus today, where the one-week repo rate is expected to be held at 9.00% as the bank remains highly politically influenced and willing to look through inflation in excess of 60%. Fundamental pressure on the lira is likely to have increased due to the lack of tourist revenues over the winter period, meaning further rate cuts would make maintaining the lira’s stability more difficult.
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  • A senior Turkish official said he expects the US to approve his country’s purchase of F-16 fighter jets, even as divisions between the Biden administration and Congress over the deal are likely to hold up a delivery of the planes, Bloomberg report. The US and Turkey relationship has been experiencing strain due to Ankara's willingness to strike a foreign policy path which has put it increasingly at odds with Washington, with analysts not expecting significant movement on the Nordic NATO bids until after the Turkish general election in May.
  • Energy Minister Donmez will announce Turkey’s National Energy Plan today in Ankara at 1100 GMT/1400 local time.

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