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TURKEY: CBRT Deputy Governor Says Rate Cut Not Being Contemplated

TURKEY

Comments from CBRT Deputy Governor Akcay have crossed wires. The Deputy Governor has made a decisively hawkish stance, though many of his comments are in-line with Tuesday’s comms following the rate decision. Comments below provided by Reuters:

  • Premature easing a bigger risk than late easing, could rejuvenate inflation dynamics
  • Central bank not even contemplating rate-cutting cycle now
  • Easing also dependent on pace of improved inflation expectations, moderation in domestic demand
  • Expectations of households, corporates not yet converging with central bank forecast.
  • Central bank pencils in 1.5 point burden on July inflation due to adjustments in administered prices and taxes, this could lead to a higher-than-expected inflation in July.
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