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MNI CBRT Review - August 2024: Rates and Guidance Unchanged

Executive Summary:

  • The Central Bank of Turkey left its one-week repo rate unchanged at 50%, while guidance was also left unchanged.
  • Focus remains on adjustments to the central bank’s macroprudential toolkit.
  • Some analysts see rate cuts beginning as early as September.

See the full review, with a summary of sell-side analyst views, here:

MNICBRTRevAug24.pdf

The Central Bank of Turkey left its one-week repo rate unchanged at 50%, a decision in-line with unanimous sell-side consensus. The policy statement offered few surprises, maintaining the hawkish stance which has been present in previous editions. Market focus remains on the various adjustments to the tools the central bank use to manage excess lira liquidity.

Among sell-side, some analysts anticipate that the decline in inflation in the coming months could encourage the CBRT to cut interest rates as early as the September meeting. Others expect rates to be held for the remainder of the year given that maintaining a restrictive monetary policy stance for a prolonged period is viewed as being necessary to address un-anchored inflation expectations.

HomepageCEMEA Bank - ReviewCentral Bk Republic of Turkey - ReviewEM Central Bank ReportsEM Central Bank ReviewEmerging Market News

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