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CBRT Rate Decision in Focus with Significant Hike Expected

TURKEY
  • The CBRT rate decision takes focus this afternoon (1200BST/1400 local time) where a significant rate hike is expected to be delivered following the appointment of a new Treasury and Finance Minister and central bank Governor. Both appointments signal a return to more orthodox monetary policy though there remains high uncertainty regarding the magnitude of the hike in June as well as the pace of a return to conventional policy more broadly.
  • Turkey is in talks with Russia and South Korea for a second nuclear power plant on the Black Sea coast, and with China’s State Power Investment Corp. (SPIC) for a third, according to Salih Sari, the head of nuclear infrastructure at the energy ministry.
  • Vice President Cevdet Yilmaz and Finance Minister Mehmet Simsek are set to meet UAE’s President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi, Bloomberg report according to people familiar with the matter. The purpose of the visit is to discuss economic cooperation between the two countries, Turkey’s state Anadolu Agency reported.

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