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No Headline Policy Change Expected, But Tweaks Could Come on Liquidity Requirements

TURKEY
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
  • While no change in expectations is expected, the CBRT may take steps on excess TRY liquidity measures to act against the decline in markets and TRY deposit rates, according to Ekonomi.
  • With rates already at 50.00%, the CBRT will likely feel that financial conditions are sufficiently tight to slow the concerning re-acceleration of FX loan growth in recent months, while macroprudential measures targeting credit growth should aid the impact of the higher policy rate.
  • Full MNI preview including summary of sell-side views here: https://roar-assets-auto.rbl.ms/files/64321/MNICBR...
  • Erdogan has officially assumed the authority on mobilization and the state of war, taking the authority from the cabinet and to the presidency, according to Cumhuriyet. The opposition CHP party have criticised the move as limiting rights and freedoms, leaving Turkey exposed to military crackdowns on peaceful demonstrations.
  • Consumer confidence data from Turkey came in unchanged from the prior at 80.5, holding at the top-end of the 12m range.
  • The Turkish finance minister detailed his view on Turkish-Arab relations this morning, and sees free-trade agreements as the key to leveraging good relations between the Turkey and Arab nations. He also noted the declining volatility on the TRY currency.
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  • While no change in expectations is expected, the CBRT may take steps on excess TRY liquidity measures to act against the decline in markets and TRY deposit rates, according to Ekonomi.
  • With rates already at 50.00%, the CBRT will likely feel that financial conditions are sufficiently tight to slow the concerning re-acceleration of FX loan growth in recent months, while macroprudential measures targeting credit growth should aid the impact of the higher policy rate.
  • Full MNI preview including summary of sell-side views here: https://roar-assets-auto.rbl.ms/files/64321/MNICBR...
  • Erdogan has officially assumed the authority on mobilization and the state of war, taking the authority from the cabinet and to the presidency, according to Cumhuriyet. The opposition CHP party have criticised the move as limiting rights and freedoms, leaving Turkey exposed to military crackdowns on peaceful demonstrations.
  • Consumer confidence data from Turkey came in unchanged from the prior at 80.5, holding at the top-end of the 12m range.
  • The Turkish finance minister detailed his view on Turkish-Arab relations this morning, and sees free-trade agreements as the key to leveraging good relations between the Turkey and Arab nations. He also noted the declining volatility on the TRY currency.