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Tight CBRT Policy Filtering Through to IPO Market

TURKEY
  • 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...
  • In another sign of the CBRT's tight monetary policy filtering through to the real economy, the tailwind of Turkish IPOs is beginning to lose strength, with only 17 firms getting listed so far in 2024, according to Dunya.
  • Health tourism is becoming a larger and larger part of the economy, with the sector showing significant momentum - around 3mln visited to receive health treatment in 2023, raising $5bln, with unregistered income estimated at $3bln.
  • Ekonomi report that the increase in foreign bond investment via households is at a historical peak, with central bank data showing domestic investor's foreign assets reaching $3.6bln in Q1 this year.
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