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TURKEY: CBRT Governor Says Turkey Taking ‘Very Gradual’ Approach to Rate Cuts

TURKEY
BulletEM BulletEmerging Market News
  • Policymakers are in a “very gradual” rate-cutting cycle, CBRT Governor Fatih Karahan said during a panel at an event co-hosted by the IMF and Saudi Arabia. “At the end of the day, central bank effectiveness is really about credibility, and credibility you only gain by acting,” he said according to Bloomberg, adding that “you can only go so far by just talking. So, prudence is key.”
  • Karahan has previously said the central bank would assess all options, including changing the pace of rate cuts, if there’s a deterioration in the inflation outlook, so the latest 'cautious' comments are generally in-line with previous rhetoric. As a reminder, recent data showed that monthly price growth accelerated to 5% in January, with the annual figure at an above-expectations 42%. The CBRT meet next on Mar 06.
  • Separately, data this morning shows Turkey's budget deficit narrowed to TRY 139bln in January from a deficit of TRY 829bln in December. Tax income rose 53.3% y/y. No tier 1 releases are scheduled for the remainder of the week.
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  • Policymakers are in a “very gradual” rate-cutting cycle, CBRT Governor Fatih Karahan said during a panel at an event co-hosted by the IMF and Saudi Arabia. “At the end of the day, central bank effectiveness is really about credibility, and credibility you only gain by acting,” he said according to Bloomberg, adding that “you can only go so far by just talking. So, prudence is key.”
  • Karahan has previously said the central bank would assess all options, including changing the pace of rate cuts, if there’s a deterioration in the inflation outlook, so the latest 'cautious' comments are generally in-line with previous rhetoric. As a reminder, recent data showed that monthly price growth accelerated to 5% in January, with the annual figure at an above-expectations 42%. The CBRT meet next on Mar 06.
  • Separately, data this morning shows Turkey's budget deficit narrowed to TRY 139bln in January from a deficit of TRY 829bln in December. Tax income rose 53.3% y/y. No tier 1 releases are scheduled for the remainder of the week.