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CBRT Seen Trimming Rate For Final Time This Cycle

TURKEY
  • CBRT are expected to cut the policy rate with a final 150bps cut of the cycle today, inline with Erdogan’s wishes to see a single-digit interest rate by year-end. The rate cut is expected to be accompanied with firm signaling that a prolonged pause is the next likely step for rates. Full MNI preview including summary of sell-side views here: https://roar-assets-auto.rbl.ms/files/21199/MNICBR...
  • Turkey and the United States may be headed for confrontation in Syria as Ankara prepares to launch a ground attack on US-supported Kurdish forces in northern Syria in response to a terrorist attack in Istanbul, last week.
  • Erdoğan this week said “We have been bearing down on terrorists for a few days with our planes, cannons, and guns. God willing, we will root out all of them as soon as possible, together with our tanks, our soldiers.”
  • Data out this morning showed a deterioration in real sector confidence for November, but held just above the post-COVID low from September this year. Capacity utilization slipped to 75.9%.
  • Ekonomim cites industry lobby ICI as saying that the significant drop in commercial loan rates this year has been countered by the constantly changing policy and communiques for access to capital, which creates stress across the business world.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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