October 17, 2024 13:35 GMT
MNI CBRT Review - October 2024: No Change to Rates or Guidance
The CBRT kept both rates and guidance unchanged, as was widely expected.
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Executive summary:
- The CBRT left its one-week repo rate unchanged at 50%, in-line with unanimous consensus.
- No change was made to the Bank’s forward guidance.
- An easing cycle is expected to begin in Q1-2025.
See our full review here:
The CBRT offered no surprises with this month’s rate decision, keeping the one-week repo rate unchanged at 50%. Similarly, no change was made to the Bank’s forward guidance. A potential hawkish tweak to the central bank’s communication was on the cards given the upside surprise to inflation in September. Regardless, the overall tone of the statement still allows the central bank to maintain restrictive rates for a prolonged period – most likely through year-end and into Q1-2025.
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