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CBRT Minutes Reflect Little Change in the Policy Outlook, Despite Surging Inflation

TURKEY

CBRT Minutes: https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN...

  • Not much of note in the CBRT minutes, with the bank likely to keep rates on hold for the foreseeable future, despite surging inflation
  • Retains its position RE supply-side factors in pushing up inflation with food and energy prices being the key drivers
  • Focus of policy remains on lira stability and accumulating FX reserves, while administering tweaks to the FX-linked deposit scheme to keep the currency stable without resorting to rate hikes.
  • Also highlights the importance of long-term lira loans and the targeted use of accessed funds for real economic activity is important for financial stability,
  • This informs part of Erdogan's recent charm offensive with regional peers to attract investment, swap deal and foreign currency to address Turkey's BOP issues
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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