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TURKEY: Year-End Repo Rate Seen at 48.51% in Latest CBRT Survey

TURKEY
BulletEM BulletEmerging Market News

The CBRT published the latest survey of market participants, with estimates for the repo rate at the end of the year indicating that analysts see a rate cut at the Dec 26 meeting. That corroborates recent MNI Exclusives which point to a 250bp cut at next week’s meeting.

  • Year-end inflation estimate rises to 45.28% from 44.81%
  • Next 12-months inflation estimate fell to 27.07% from 27.2%
  • Next 24-months inflation estimate rose to 18.47% from 18.33%
  • One-week repo rate seen at 48.51% at year-end

Separately, the CBRT cut the remuneration rate for banks’ free FX reserves to 3.5% from 3.75% following the 25bp Fed cut on Wednesday. Lenders receive interest on free FX reserves they hold at the central bank. There are no other data releases scheduled for today.

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The CBRT published the latest survey of market participants, with estimates for the repo rate at the end of the year indicating that analysts see a rate cut at the Dec 26 meeting. That corroborates recent MNI Exclusives which point to a 250bp cut at next week’s meeting.

  • Year-end inflation estimate rises to 45.28% from 44.81%
  • Next 12-months inflation estimate fell to 27.07% from 27.2%
  • Next 24-months inflation estimate rose to 18.47% from 18.33%
  • One-week repo rate seen at 48.51% at year-end

Separately, the CBRT cut the remuneration rate for banks’ free FX reserves to 3.5% from 3.75% following the 25bp Fed cut on Wednesday. Lenders receive interest on free FX reserves they hold at the central bank. There are no other data releases scheduled for today.