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CBRT Statement Removes Focus on FX Distortions in Inflation

TURKEY

CBRT Statement Analysis:

  • As expected, little by way of change in this statement, with the MPC keeping rates on hold at 14.00% in line with consensus. The key focal point was, once again, lira stability – similar to the prior meeting.
  • The one change was related to prior phrasing of rising inflation being “driven by distorted pricing behavior due to unhealthy price formations in the foreign exchange market” – changing to: “driven by pricing formations that are not supported by economic fundamentals”
  • Supply side factors such as the rise in global energy, food and agricultural commodity prices, supply constraints, and demand developments were again highlighted as part of the reason for elevated inflation.
  • Little to no impact observed in USD/TRY.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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