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TURKEY: No Change to CBRT Repo Rate Expected, TRY Deposit Rates Fall

TURKEY
EM BulletBulletGlobalEmerging Market NewsRegion
  • The CBRT rate decision takes focus today, where the one-week repo rate is unanimously expected to be held at 50%. Among sell-side, analysts remain divided over the timing of the first rate cut. The rate decision will be announced at 12:00BST/14:00 local time. See our full preview of the decision here.
  • Ekonomi run a piece in which they say expectations that the central bank will begin to reduce its policy rate in 1Q 2025 at the latest has been reflected in long-term standard TRY deposit rates. They note that deposit rates for terms longer than 6 months, which exceeded 50% in 1H, have fallen to 32%.
  • President Erdogan on Wednesday assured that Turkey would not sacrifice its ties with the West for the East or vice versa, downplaying claims of a shifting axis in international relations, Daily Sabah report. “We are utilising every opportunity to make Turkey a regional and global power. Our axis, our course is clear. We turned our face to the West but this does not mean we turned our back to the East and stopped developing ties with them,” he said.
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  • The CBRT rate decision takes focus today, where the one-week repo rate is unanimously expected to be held at 50%. Among sell-side, analysts remain divided over the timing of the first rate cut. The rate decision will be announced at 12:00BST/14:00 local time. See our full preview of the decision here.
  • Ekonomi run a piece in which they say expectations that the central bank will begin to reduce its policy rate in 1Q 2025 at the latest has been reflected in long-term standard TRY deposit rates. They note that deposit rates for terms longer than 6 months, which exceeded 50% in 1H, have fallen to 32%.
  • President Erdogan on Wednesday assured that Turkey would not sacrifice its ties with the West for the East or vice versa, downplaying claims of a shifting axis in international relations, Daily Sabah report. “We are utilising every opportunity to make Turkey a regional and global power. Our axis, our course is clear. We turned our face to the West but this does not mean we turned our back to the East and stopped developing ties with them,” he said.