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CBRT Surprisingly Cuts Rates Another 100bps, TRY at New Alltime Lows

TURKEY

Full CBRT statement here: https://www.tcmb.gov.tr/wps/wcm/connect/en/tcmb+en...


Highlights:

  • Indicators have been pointing to a slowdown in growth due to the weakening foreign demand.
  • Likelihood of a recession in main trade partners keep the risks on current account balance alive
  • The Committee expects disinflation process to start on the back of measures taken
  • Assessed that the updated level of policy rate is adequate under the current outlook.

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