MNI BRIEF: China SME Index Highest Since June 2021

MNI China Press Digest March 12: FDI, Cars, Retail Sales

MNI: PBOC Net Drains CNY177.8 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1696 Weds; -0.47% Y/Y

MNI NBP WATCH: Rate Hold; Projections To Give Cut Timing Clue

MNI China Daily Summary: Tuesday, March 11

MNI: JAPAN FEB CORP GOODS PRICE INDEX +4.0% Y/Y; JAN +4.2%

MNI: USDA: 2024/2025 CORN PRODUCTION EST 14.87B BSL

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI CBRT Review - March 2025: Another 250bp Step

The CBRT cut its one-week repo rate by another 250bps to 42.50%.
TurkeyCentral Bk Republic of Turkey - ReviewAnalysisEM Central Bank ReportsEM Central Bank ReviewStoryCEMEA Bank - Review

Download The Full Report Here

Executive summary:

  • The CBRT delivered another 250bp rate cut, taking the one-week repo rate to 42.50%.
  • The accompanying policy statement maintained the “meeting-by-meeting” guidance while acknowledging the progress made in tackling inflation.
  • Among sell-side, analysts generally do not expect the 250bp/meeting easing pace to be sustained throughout the entirety of the year.

Another 250bp rate cut had been widely anticipated this month following the below-consensus inflation print in February.As a reminder, annual inflation eased to 39% in February, the lowest level in 20 months, supporting policymakers’ case for continued rate cuts. Guidance in the policy statement continues to indicate that easing will be the status quo at upcoming meetings, but a small tweak in language (this month’s statement says “The Committee will adjust the policy rate prudently on a meeting-by-meeting basis” compared to “The Committee will make its decisions prudently”) may suggest that central bank stands ready to scale down the size of rate cuts. 

156 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Download The Full Report Here

Executive summary:

  • The CBRT delivered another 250bp rate cut, taking the one-week repo rate to 42.50%.
  • The accompanying policy statement maintained the “meeting-by-meeting” guidance while acknowledging the progress made in tackling inflation.
  • Among sell-side, analysts generally do not expect the 250bp/meeting easing pace to be sustained throughout the entirety of the year.

Another 250bp rate cut had been widely anticipated this month following the below-consensus inflation print in February.As a reminder, annual inflation eased to 39% in February, the lowest level in 20 months, supporting policymakers’ case for continued rate cuts. Guidance in the policy statement continues to indicate that easing will be the status quo at upcoming meetings, but a small tweak in language (this month’s statement says “The Committee will adjust the policy rate prudently on a meeting-by-meeting basis” compared to “The Committee will make its decisions prudently”) may suggest that central bank stands ready to scale down the size of rate cuts.