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TURKEY: Balance Sheet Correction Efforts Pushing Short-Term TRY Rates Higher

TURKEY
BulletEM BulletEmerging Market News
  • As the end of the year approaches, banks’ balance-sheet make-up efforts are increasing standard TRY deposit rates, Ekonomi report. The so-called "deposit race" is playing out in 32- and 45-day terms this year due to expectations that the central bank will start cutting rates, the newspaper write, adding that some banks have already increased deposit rates by 50bps across these terms.
  • CBRT Governor Fatih Karahan will address industrialists at 12:00GMT/15:00 local time in Istanbul. Meanwhile, President Recep Tayyip Erdogan will speak to his party’s lawmakers.
  • There are no other major data releases scheduled for today. Trade balance figures for October will cross on Thursday (Est: -$5.70bn; Prior: -$5.13bn) while Q3 GDP data provides the highlight of the week on Friday (Est: -0.2% Q/Q; Prior: +0.1%).
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  • As the end of the year approaches, banks’ balance-sheet make-up efforts are increasing standard TRY deposit rates, Ekonomi report. The so-called "deposit race" is playing out in 32- and 45-day terms this year due to expectations that the central bank will start cutting rates, the newspaper write, adding that some banks have already increased deposit rates by 50bps across these terms.
  • CBRT Governor Fatih Karahan will address industrialists at 12:00GMT/15:00 local time in Istanbul. Meanwhile, President Recep Tayyip Erdogan will speak to his party’s lawmakers.
  • There are no other major data releases scheduled for today. Trade balance figures for October will cross on Thursday (Est: -$5.70bn; Prior: -$5.13bn) while Q3 GDP data provides the highlight of the week on Friday (Est: -0.2% Q/Q; Prior: +0.1%).