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MNI CBRT Preview - November 2021: At Least 100bp Cut Eyed, Political Vectors Dominate Policy

TURKEY

18/11/21 - 1100GMT/1200CET/0600ET


The CBRT is broadly expected to reduce its one-week repo rate by at least 100bps to 15.00% as the bank resumes its easing cycle against the EM trend. Here, we see the majority of analysts taking Kavcioglu's guidance on limited room to cut rates at face value, justifying the relatively smaller cut relative to the 200bps shed last month. However, with the bank's reaction function being less dictated by market conditions than political vectors, risks are unequivocally skewed towards a potentially larger cut.


Full Preview Here:

CBRT Preview 18.11.21.pdf



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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