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CBRT Policy Likely Unchanged, With Rates on Hold at 14.00%

TURKEY
  • The Turkish rate decision takes focus Thursday, the CBRT are likely to keep policy unchanged at 14.00% this month, as the now-familiar contrast between high inflation and a government pledge to lower interest rates keeps policy in a logjam. Keeping rates unchanged at this stage allows the bank to prevent a further decoupling of inflation expectations via the rates channel, while the government lean more heavily on ex-monetary policy tools to shore up the TRY FX rate and bolster FX reserves.
  • Full preview here: https://marketnews.com/mni-cbrt-preview-april-2022-on-hold-for-now
  • The government’s Economy Coordination Board met today, and looking into additional financing possibilities to combat the run higher in energy prices. The release went into little detail on what the measures could consist of, or which elements of the economy would be targeted.
  • Dunya reports that port activity has been slowed due to the Ukraine crisis, with security concerns, sanctions and high insurance fees denting shipowner movements.
  • In response to reports earlier in the week that the CBRT could raise the proportion of FX revenues that need to be converted to TRY, an exporters trade body demanded that different sectors could be levied with different rates.
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