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Further Macroprudential Measures Could Follow This Week’s CBRT

TURKEY
  • Ekonomim writes that the bank’s commercial loan rate still sits 6 percentage points below the TRY deposit rate, with the obligations stemming from regulation for banks to hold securities at the TRY deposit rate responsible for the spread. The piece adds that this may be addressed via macroprudential measures after the CBRT decision this week.
  • Suppressed volatility in exchange rates continue to divide industry, with some pointing to the opening gap between inflation and the FX rate denting cash flow and competitiveness of exporters, as such the current FX approach is unsustainable.
  • Others, however, see the suppressed FX rate as helping overseas purchasing power, meaning exporters can focus on value-added production, according to Ekonomim.
  • Speaking yesterday in Qatar, President Erdogan said Turkish FX reserves could climb to USD 130bln by the end of November, from their current level of USD 123bln.
  • Sabah cites the Halkbank in saying that the FX-protected deposit accounts are shifting demand to TRY deposits as well as the domestic stock market. This strengthens confidence in the economy and bolsters the FX rate.
  • Sozcu cite academics as seeing the risk of a Turkish recession at 38%, according to work conducted by KUT Research Forum.
  • Erdogan is due to speak later today, as well as opposition leaders from the MHP and CHP parties.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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