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CBRT Seen Cutting Rates to Single Digits This Week

  • Ekonomim cite industry sources in writing that stocks in fast-moving sectors including food and hygiene have seen inventories reduced in recent weeks, however many other industries including textiles, paper, iron and steel are instead seeing a swelling of inventories, with stocks piling up in warehouses. The inventory build follows low levels of demand both domestically and internationally.
  • Party opinion polling ahead of the 2023 elections shows Erdogan's AKP retaining a consistent lead over the main opposition centre-left CHP. However, the AKP's support levels are well down on those recorded in the 2018 election, and could signal a difficult road to re-election for the incumbent seeking his third consecutive term.
  • The CBRT are expected to cut rates to meet Erdogan’s preference for a single digit interest rate tomorrow, with a final 150bps cut of the cycle to put the policy rate at 9.00%. Full MNI preview including summary of sell-side views here:
  • President Erdogan is due to speak from Ankara later today, while the finance minister Nebati attends an event in Istanbul.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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