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TURKEY: CBRT Set to Deliver Third Consecutive 250bp Rate Cut

TURKEY
BulletEM BulletEmerging Market News
  • Focus is on the CBRT rate decision today (11:00GMT/14:00 local time), where another 250bp rate cut is expected following the below-expectations CPI print for February. Our full preview of the meeting, with a summary of sell-side views, can be found here.
  • Addressing the textile industry and referring to today’s rate decision, Trade Minister Omer Bolat said, “We expect a favourable decision,” adding that, “This will also provide a significant reduction in loan costs. We will see financing costs coming much lower toward the summer. The improvement that you have been waiting for in terms of exchange rates is slowly happening.” Comments as per Ekonomi newspaper.
  • Citing central bank data, Ekonomi report that the net FX shortfall of the real sector reached a 5-year peak of $141.9bln due to the increase in domestic and foreign loans.
  • Bloomberg run a piece in which they note that the UAE’s pledge to invest $51bln in Turkey is faltering two years after it was announced, noting that a rebound in Ankara’s economic fortunes has emboldened local firms to hold firm on valuations. The latest setback came when AD Ports Group, a company backed by Abu Dhabi wealth fund ADQ, failed to close a deal to acquire operating rights for a port in western Turkey.
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  • Focus is on the CBRT rate decision today (11:00GMT/14:00 local time), where another 250bp rate cut is expected following the below-expectations CPI print for February. Our full preview of the meeting, with a summary of sell-side views, can be found here.
  • Addressing the textile industry and referring to today’s rate decision, Trade Minister Omer Bolat said, “We expect a favourable decision,” adding that, “This will also provide a significant reduction in loan costs. We will see financing costs coming much lower toward the summer. The improvement that you have been waiting for in terms of exchange rates is slowly happening.” Comments as per Ekonomi newspaper.
  • Citing central bank data, Ekonomi report that the net FX shortfall of the real sector reached a 5-year peak of $141.9bln due to the increase in domestic and foreign loans.
  • Bloomberg run a piece in which they note that the UAE’s pledge to invest $51bln in Turkey is faltering two years after it was announced, noting that a rebound in Ankara’s economic fortunes has emboldened local firms to hold firm on valuations. The latest setback came when AD Ports Group, a company backed by Abu Dhabi wealth fund ADQ, failed to close a deal to acquire operating rights for a port in western Turkey.