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TURKEY: Lira Deposit Rates Fall Below Policy Rate Ahead of CBRT Meeting

TURKEY
  • According to Ekonomi, interest rates on lira deposits have decreased by 4ppts at various maturities with even high amount deposits no longer offered as much as the central bank’s policy rate of 50%. The newspaper’s analysts point out that excess TRY liquidity created by the CBRT's foreign exchange purchases have brought down market rates. They emphasise that they expect additional measures to be taken at tomorrow's meeting to withdraw excess liquidity.
  • Indeed, sell-side anticipate further adjustments to the central bank’s policy toolkit tomorrow, while the Bank is widely expected to keep its one-week repo rate unchanged at 50%. See our full preview for that decision, with a summary of sell-side analyst views, here.
  • Today, President Erdogan is scheduled to speak at his party’s parliamentary group meeting in the afternoon while the central bank will release weekly capital flows data at 12:30BST/14:40 local time.
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