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CBRT Rate Decision Coming Up (1200BST/1400 local)

TURKEY
  • Further tightening from the CBRT is expected, with the benchmark one-week repo rate expected to be raised by 500bps to 30%.
  • In addition to tightening via the key rate, the central bank will likely continue to tweak the rules and regulations around FX tools and KKM accounts to manage financial conditions.
  • Since the August decision, President Erdogan has backed the use of high interest rates, suggesting that the central bank now has the political support to continue with the large-scale rate hikes which are needed to tame inflation momentum and expectations.
  • See the full MNI Preview, with a summary of sell-side analyst views, here.

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