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TURKEY: Local Business Groups Call for Rate Cuts, S&P See First Cut in Feb

TURKEY
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  • Chairman of the Turkish Exporters Assembly, Mustafa Gultepe, said “Rates have been at 50% for 7 months now. Postponing the cut with the excuse of inflation is breaking the endurance of industry. When the cut comes, there may no longer be any industry left,” Dunya report.
  • Meanwhile, Ekonomi report that the Chairman of MUSIAD (the Independent Industrialists and Businessmen Association) said “Our year-end inflation estimate is in the 43%-45% area,” adding that he expects a “symbolic” rate cut in December.
  • On the other hand, S&P Global does not expect the Turkish central bank to cut its main interest rate until February, analyst Frank Gill said in interview with BloombergHT. They see a minimum wage hike of around 30% in 2025.
  • The statistics office publishes seasonally-adjusted inflation data for October at 13:00GMT/16:00 local time. This will be the second such release of the data, which is one of the central bank’s preferred measures of inflation and often cited in MPC statements and summaries.
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  • Chairman of the Turkish Exporters Assembly, Mustafa Gultepe, said “Rates have been at 50% for 7 months now. Postponing the cut with the excuse of inflation is breaking the endurance of industry. When the cut comes, there may no longer be any industry left,” Dunya report.
  • Meanwhile, Ekonomi report that the Chairman of MUSIAD (the Independent Industrialists and Businessmen Association) said “Our year-end inflation estimate is in the 43%-45% area,” adding that he expects a “symbolic” rate cut in December.
  • On the other hand, S&P Global does not expect the Turkish central bank to cut its main interest rate until February, analyst Frank Gill said in interview with BloombergHT. They see a minimum wage hike of around 30% in 2025.
  • The statistics office publishes seasonally-adjusted inflation data for October at 13:00GMT/16:00 local time. This will be the second such release of the data, which is one of the central bank’s preferred measures of inflation and often cited in MPC statements and summaries.