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CBRT Rate Decision in Focus

TURKEY
  • Further tightening is likely at the CBRT's key rate meeting this afternoon (1200BST/1400 local time), with the benchmark one-week repo rate expected to be raised by a further 250bps to 20.00%. The trade-off for the bank remains tightening via the one-week repo rate or, as suggested by local press, tweaking the rules and regulations around FX tools and KKM accounts to manage financial conditions.
  • President Erdogan says he continues to support the territorial integrity of Ukraine. “We are continuing our efforts to revive the Black Sea Initiative,” he said as per Hurriyet.
  • Trade Minister Omer Bolat announced plans to increase goods exports to $400b and services exports to $200b in five years. His comments arrive ahead of the announcement of the Medium Term Economic plan in September.
  • President Erdogan is scheduled to speak at various events throughout the afternoon while Trade Minister Bolat will attend a G20 meeting in India.
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