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Presidential Advisor Argues For Low Rates

TURKEY

An advisor the Turkish president, speaking on Ahaber TV, has stated that the central bank will not take any extraordinary action and has argued that interest rates should be as low as economic realities allow. He further stated that high inflation is the result of high interest rates - a view shared by President Erdogan and his new CBRT governor Sahap Kavcioglu.

  • The intervention further suggests that monetary policy could reverse course following the efforts of previous CBRT chief Naci Agbal to rein in inflation through more more orthodox tightening measures.
  • While the lira has stabilised somewhat (pointing to potential spot intervention), equities have plunged again this morning, triggering the circuit breaker for the second time.
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