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TURKEY: MNI CBRT Review: November 2024

TURKEY
BulletEM BulletEmerging Market News
  • The CBRT’s decision to keep the one-week repo rate on hold at 50% was in-line with unanimous consensus, however, slight tweaks to the Bank’s forward guidance have potentially geared policymakers towards a rate cut at the December meeting.
  • While the overall hawkish tone of the statement was maintained, a new piece of guidance added this month implies that policy can remain restrictive even if rates are reduced.
  • Sell-side views over the timing of the first rate cut are still mixed, but most flag the possibility of an easing step next month.

See the full review, with a summary of sell-side analyst views, here.

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  • The CBRT’s decision to keep the one-week repo rate on hold at 50% was in-line with unanimous consensus, however, slight tweaks to the Bank’s forward guidance have potentially geared policymakers towards a rate cut at the December meeting.
  • While the overall hawkish tone of the statement was maintained, a new piece of guidance added this month implies that policy can remain restrictive even if rates are reduced.
  • Sell-side views over the timing of the first rate cut are still mixed, but most flag the possibility of an easing step next month.

See the full review, with a summary of sell-side analyst views, here.