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Central Bank Decision in Focus; CB Asks Lenders to Buy Dollar Bonds

TURKEY
  • The CBRT are expected to keep rates on hold today at 1200BST/1400 local time following guidance in previous meeting statements that current rates are now “adequate” to support the economy. Sell-side are uniform in seeing rates held at 8.5% ahead of the Presidential runoff elections on May 28. (See our full preview here: https://roar-assets-auto.rbl.ms/files/53087/MNICBR...)
  • The central bank asked some local lenders this week to step in and buy the country’s dollar bonds, which have fallen since the first round of the presidential elections, Bloomberg report according to people familiar with the matter. The move, the people said, was aimed at keeping borrowing costs stable and also to prevent a spike in credit-default swaps.
  • The Capital Markets Board, banking regulators and the Banks Association of Turkey made a joint statement regarding allegations against the banking sector and capital markets, Ekonomi report. In the statement, it was emphasised that the banking sector is strong enough to meet all of its requirements, and that the sector should be kept separate from politics.
  • In order to attract customers to FX-protected deposit accounts, banks are now increasing bonus payments in addition to offering higher interest rates, Dunya report.
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