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Simsek Highlights Central Bank Independence

TURKEY
  • Turkey’s central bank has a ‘free hand’ and policymakers at the bank will do what is necessary to reduce inflation, Treasury and Finance Minister Mehmet Simsek said in an interview with Kanal 7, as cited by Hurriyet.
  • Simsek reiterated that there will be no tax increases this year, noting that the hikes last year were to mitigate the effects of the earthquakes on the budget. The minister also reiterated that they do not have an exchange rate target, but the central bank may move to prevent excessive volatility.
  • The CBRT rate decision is the key event of the week (Mar 21). Broad consensus is for the one-week repo rate to be left unchanged at 45% following guidance from central bank officials that the rate hiking cycle is over, though some analysts forecast an additional hike at this juncture given the rising pressure on Turkey’s FX reserves.
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