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Erdogan Doubles Down on Single Digit Policy Rate Call

  • Following the CBRT rate decision last week, Erdogan spoke this weekend again voicing his support for rate cuts to single figures, stating “The interest rate will be cut to single digits”, adding that “we will save our investors, citizens from oppression of interest rates”. Last week’s policy statement suggested this could be achieved by year-end, with November’s meeting likely seeing a final easing step before a more prolonged pause.
  • Dunya report that the private sector area increasingly looking to foreign borrowing to meeting their cash and credit needs, evident in the private sector’s external debt rollover ratio rising to near 220% - the highest in 16 year - despite CBRT rate cuts at home. Data from this year shows that Turkish demand for foreign loans has risen to $2.4bln across August.
  • President Erdogan meets with his cabinet later today, with the opposition CHP holding an equivalent meeting.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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