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CBRT Likely Unchanged For Sixth Consecutive Meeting

TURKEY
  • Anything but rate hikes: The CBRT are firmly expected to keep policy rates unchanged at 14% today. Full MNI Preview here: https://marketnews.com/mni-cbrt-preview-june-2022-... This would mark the sixth consecutive unchanged decision at the bank, which remains highly politically influenced and willing to look through soaring cost pressures and inflation expectations. For policy going forward, rate hikes remain an unlikely tail risk, with Erdogan this month reiterating his firm opposition to tighter headline rates. As such, most analysts expect rates at 14.00% into year-end.
  • Dunya reports that the Finance Ministry is to boost resources available for the credit guarantee fund by over 60% to TRY 100bln. The policy will be part of the last package of measures that the AK Party is looking to push through parliament ahead of recess and will attempt to smooth arrangements for insurance companies to provide credit guarantees to business. On the same policy measure, Sozcu write that the TRY 40bln in extra funding will cover FX-based state guarantees.
  • On pensions, Hurriyet cites the AKP deputy chairman as saying that pensions will be raised by 40% this year.
  • Later today, the Turkish foreign minister Cavusoglu is to meet with his UK counterpart Truss, following the successful meetings held between Saudi Arabia’s MBS and Erdogan yesterday, at which the two leaders looked to normalize ties.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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