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CBRT Rate Decision in Focus, No Change Expected to One-Week Repo Rate

TURKEY
  • The CBRT rate decision is the key event of the day (11:00GMT), where no change to the one-week repo rate of 45% is expected. The unexpected resignation of former Governor Hafize Gaye Erkan and subsequent appointment of Fatih Karahan is unlikely to result in any significant shift in the central bank’s stance on monetary policy. Our preview of the decision, with sell-side analyst views, can be found here.
  • USDTRY is trading marginally higher ahead of the release, while the Borsa Istanbul index is 0.66% in the green at typing and close to its record high of 9404.
  • Hurriyet report that the Saudi Arabian Development Fund (SFD) announced a new loan agreement of $55m with Turkey. The loan in question is intended to be used within the scope of the 'earthquake-related risk reduction project in public schools'.
  • The central bank will also publish weekly capital flow data later this afternoon.
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