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CBRT Seen Taking Another Step Closer to Single-Digit Policy Rate

TURKEY
  • Erdogan’s AKP are doubling down on winning back the support of disgruntled voters in inner-city regions, with the party holding a series of forums with voters across the country’s cities as part of the election push before 2023 elections, according to Cumhuriyet.
  • The CBRT are expected to cut rates by a further 100bps at today’s decision, bringing rates to 11.00%, inline with Erdogan’s pledge to get rates to single digits by year-end. The decision is due at 1200BST/0700ET.
  • Full MNI Preview including summary of sell-side views here: https://roar-assets-auto.rbl.ms/documents/19600/MNICBRTPrevOct22.pdf
  • Opposition CHP leader Kilicdaroglu has challenged Erdogan to a live TV debate, pledging to pit his political vision against Erdogan’s. Kilicdaroglu was responding to the President’s call for the opposition to declare their election candidacy.
  • US officials remain in Ankara as part of discussions with Turkish counterparts over compliance with financial sanctions imposed on Russia. The meetings are seen as part of a wave of pressure on Turkey to take a harder line with the Putin regime, particularly after Erdogan announced the creation of an energy hub in Turkey to manage Russian flow into Europe.
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