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CBRT Rate Decision in 30 Minutes (1200BST/1400 local time)

  • The CBRT are expected to deliver another rate hike having raised the one-week repo rate by 650bps in June and signalling that more is to come.
  • Simsek’s appointment following Erdogan’s re-election has already resulted in tighter financial conditions, a less interventionist approach to markets and a simplification of a muddied transmission mechanism.
  • Sell-side consensus is for the tightening cycle to continue with estimates of a rate hike ranging between 250-500bps.

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