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Free AccessCBRT Leave Year-End Inflation Estimate Unchanged at 22.3%
- Speaking in Ankara this morning, CBRT Governor Kavcioglu announced that the central bank’s year-end inflation estimate has been left unchanged at 22.3%, citing easing energy price pressures and strong domestic economic activity and labour market developments. The central bank will continue its program of targeted lending, he said, with the liraization target in deposits for 2023 at 60%.
- The CBRT has also lifted the cap on FX-protected time deposits, according to Bloomberg HT. In a letter sent from the CBRT to banks, it was stated that the maximum interest rate that can be applied to time deposit accounts can be determined by the banks, provided that they are not below the one-week repo rate. There had previously been an interest rate cap of 3ppt above the repo rate.
- The central bank additionally announced earlier this morning that support will be provided for the conversion of firms’ FX obtained abroad into Turkish liras “to support liraization in commercial activities,” the bank said in statement cited by Bloomberg. After firms sell at least 40% of the FX they have brought into the country from abroad to the bank, they will be able to deposit the remainder into FX-protected conversion accounts where they will be provided with FX conversion support of 2% of the amount converted into Turkish liras.
- The CBRT will also publishes a summary of its January MPC meeting at 1100 GMT/1400 local time. Treasury & Finance Minister Nebati will speak at European Parliament’s Foreign Relations Committee in Brussels while opposition leaders meet at 0900 GMT/1200 local time in Ankara. They are set to announce their joint candidate for the upcoming May Presidential and Parliamentary elections at some time in early February.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.