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CBRT Survey Sees 500bps Further Hikes Over Three Months

TURKEY
  • CBRT’s market survey puts the year-end inflation estimate at 67.23% (Prev. 68.01%), with estimates for the next 24 months at 25.09% (Prev. 25.82%). The CBRT one-week repo rate is estimated at 40% in three months’ time.
  • Ekonomi write on inflation adjustment accounting that new rulings will come into effect from January 1st, unless a fresh postponement is made from government. The new accounting rules are seen as supportive for industry with a strong balance sheet, however firms with high levels of debt could suffer negative consequences.
  • Local press continues to focus on the ratification Sweden’s accession to NATO, talking up the potential for further delays through Turkish parliament due to requests for a formal road-map from Sweden covering their progress on anti-terrorism. The requests came from the foreign affairs committee chairman, who raised the issue during parliamentary debate yesterday.
  • Erdogan is to travel to Germany today to hold talks with the German Chancellor Scholz, amid reports that Scholz is to formally block Erdogan’s attempts to buy Eurofighter Typhoons. Scholz is not expected to agree to any new requests, citing Turkey’s use of Russian air defense systems, military incursions into Syria and ongoing delays to Sweden’s NATO bid.

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