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Elvan Tries to Soothe Markets After Erdogan Comments (2/2)

  • Elvan speech comes after Erdogan shook markets with dovish rate cut comments
  • Completely undermining CBRT's hard fought credibility over the last two months and reminding markets that his political influence will inevitable come back into the fray.
  • This should slow the progress on de-dollarisation and anchoring inflation expectations on a hawkish rates bias.
  • This Week's CBRT will be a key determinant of its autonomy.
  • Most still expecting a hold with inflation holding below the 17% 1w repo at 14.60%.
  • A surprise cut at this meeting would completely undermine the positive progress made by Agbal, but at this early stage is not the base case.
MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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