Free Trial

CBRT Rate Decision in Focus, Repo Rate Expected Unchanged

TURKEY
  • The CBRT rate decision takes focus later this morning (11:00GMT), where the one-week repo rate is expected to remain on hold at 45% as officials have communicated previously that the hiking cycle is complete. Nevertheless, the recent acceleration in TRY depreciation and increasing pressure on FX reserves may prompt a hawkish surprise.
    • See the full MNI Preview, with a summary of sell-side analyst views, here.
  • Constitutional Court vice president Kadir Ozkaya was elected as president, Anadolu Agency reports. Ozkaya was appointed by President Erdogan as a court member in 2014 and will replace the outgoing Zühtü Arslan.
  • The central bank’s net foreign exchange reserves excluding swaps decreased to -$62.8bln, a record low, data showed yesterday. Ahead of the rate decision today many sell-side analysts have noted that pressure on reserves could prompt another rate hike.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.