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CBRT Surprise With Rate Cuts Despite Soaring Inflation

TURKEY
  • Following the decision, Monetary Policy Committee Governor Kavcioglu said that it would also “further strengthen the macroprudential policy set” to reinforce its monetary-policy transmission mechanism and it singled out the spread between its rate and those offered at commercial banks.
  • Hurriyet report on Erdogan’s visit to Lviv yesterday. “The main point of the summit was how the war would end,” Erdogan said. Issues of economic, commercial and military cooperation between Turkey and Ukraine were discussed, with Erdogan reiterating Turkey’s role of a “mediator”.
  • Citing regulation published in the Official Gazette, Dunya report that the 10b liras common expenditure regulation, which concerns 442 shopping malls and more than 500 brands, is now effective. While the regulation has been welcomed by the brands, it has caused outrage on the shopping mall side with the Shopping Malls Investors Association preparing to file a lawsuit at the Council of State for the annulment of the changes in the regulation.
  • President Erdogan will meet Mustafa Gultepe, head of the Turkish Exporters Assembly, at 1300 BST (1500 local time) in Istanbul. He will later attend a ceremony for urban transformation in the Esenler district at 1600 BST (1800 local time). No significant economic data releases are planned.
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