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CBRT Meeting Coincides With USD/TRY Near Alltime Highs

  • The CBRT decision due at 1200BST/0700ET today is expected to show the bank on hold after a surprise rate cut at the August meeting, however risks remain skewed to the downside. Full MNI preview here:
  • Ahead of today’s CBRT decision, the Borsa Istanbul uptick rule against short-selling has gone into force, which could stabilise markets following acute volatility in Turkish bank shares in recent weeks. USD/TRY has continued to trend higher, with the rate touching 18.3565 today, just shy of the record high intraday print from December last year at 18.3633.
  • The leader of the CHP has denied reports of crisis among the six-party coalition that forms the main opposition to Erdogan’s AKP. In the Cumhuriyet piece, Kilicdaroglu added that his coalition is satisfied with current polling and that votes are increasing steadily.
  • The minister of commerce has appealed directly to US investors, in a statement promising that the Turkish government will always be ready to cooperate, with Turkey already meeting the requirements for production, stability and risk-taking for inward US investment.
  • Consumer confidence data also crosses as well as the weekly foreign investor flow data.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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