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One-Week Repo Rate Set to Remain Unchanged at 14.00%

TURKEY
  • Market focus will be on the central bank’s Monetary Policy Committee rate decision at 1200 BST (1400 local time). Consensus is on the one-week repo rate remaining unchanged at 14.00%, despite inflation nearing 80%. Implied political pressure on the CBRT continues to underpin the unorthodox monetary policy approach which is likely to persist for the foreseeable future. The bank, instead, has reiterated that ‘Liraization’ measures will continue.
  • Dunya report that for the first time in 6 months, direct capital investments from abroad were below the investments going abroad, following a significant decrease in investment towards Turkey. In the January-June period of this year, non-residents' direct capital investments were 1.89 billion dollars, while domestic residents' investments abroad were 2.36 billion dollars with house sales to foreigners accounting for the largest share of capital inflows.
  • In a bid to meet its target of converting foreign currency deposits to currency protected deposits, Dunya report that banks are giving favourable commercial interest rates to customers who use so-called KKM FX protected deposits as collateral. They report that even if the current TL deposit interest rate is at the level of 22-23%, the banking sector cannot apply more than 17% interest on accounts which have converted from foreign currency to KKM.
  • The "Decision on Export Supports" was published in the Official Gazette, Dunya reports. The decision means that 50% of expenses related to market entry documents and licencing and registration procedures will be supported by the Support and Price Stabilisation Fund.
  • Elsewhere, President Erdogan will hold a joint press conference with Ukrainian President Zelensky and UN Secretary-General Antonio Guterres today in Lviv.
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  • Market focus will be on the central bank’s Monetary Policy Committee rate decision at 1200 BST (1400 local time). Consensus is on the one-week repo rate remaining unchanged at 14.00%, despite inflation nearing 80%. Implied political pressure on the CBRT continues to underpin the unorthodox monetary policy approach which is likely to persist for the foreseeable future. The bank, instead, has reiterated that ‘Liraization’ measures will continue.
  • Dunya report that for the first time in 6 months, direct capital investments from abroad were below the investments going abroad, following a significant decrease in investment towards Turkey. In the January-June period of this year, non-residents' direct capital investments were 1.89 billion dollars, while domestic residents' investments abroad were 2.36 billion dollars with house sales to foreigners accounting for the largest share of capital inflows.
  • In a bid to meet its target of converting foreign currency deposits to currency protected deposits, Dunya report that banks are giving favourable commercial interest rates to customers who use so-called KKM FX protected deposits as collateral. They report that even if the current TL deposit interest rate is at the level of 22-23%, the banking sector cannot apply more than 17% interest on accounts which have converted from foreign currency to KKM.
  • The "Decision on Export Supports" was published in the Official Gazette, Dunya reports. The decision means that 50% of expenses related to market entry documents and licencing and registration procedures will be supported by the Support and Price Stabilisation Fund.
  • Elsewhere, President Erdogan will hold a joint press conference with Ukrainian President Zelensky and UN Secretary-General Antonio Guterres today in Lviv.