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Erdogan's History Of Firing Officials Likely to Undermine Any Hawkish CBRT Rhetoric

TURKEY
  • CBRT CHIEF PLEDGES TO KEEP POLICY RATE ABOVE EXPECTED INFLATION
  • CBRT GOVERNOR SAYS MONETARY POLICY FRAME WILL REMAIN SIMPLE
  • Despite Kavcioglu's efforts to soothe dovish expectations somewhat, the fact remains that Erdogan has replaced many CBRT governors who failed to deliver the policy he prescribes
  • Markets will keep this expectations baked into TRY assets, despite any relatively hawkish rhetoric from Kavcioglu
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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