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Significant Decline in Inflation Not Expected Until May, VP Says

TURKEY
  • Vice President Yilmaz noted that while inflation was above expectations in January and February, it would gradually lose momentum in March, Hurriyet report. “We do not expect a significant decline in annual inflation until May. Starting from June, we will see significant decreases in annual inflation rate,” he said.
  • Turkey's adjusted consumer confidence edged higher to 79.4 in March from 79.3 in February, according to the Turkish Statistical Institute.
  • The CBRT rate decision is the key event of the week tomorrow, where the one-week repo rate is expected to remain on hold at 45% as officials have communicated previously that its hiking cycle is complete. Nevertheless, the recent acceleration in TRY depreciation and increasing pressure on FX reserves may prompt a hawkish surprise. See the full MNI Preview, with a summary of sell-side analyst views, here.
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