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October 24, 2019
Turkey | The CBRT easing cycle continues
The Central Bank reduced the policy rate by 250 bps to 14% from 16.50%, much higher than market expectation (100bps). We think that the CBRT should start to increase caution in the magnitude of the policy rate cuts as global uncertainty remains well alive and the CBRT should be ready to react at any moment if needed.
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June 12, 2019
Turkey | CBRT remains “tight” but closer to “ease”
As expected, the CBRT maintained its policy rate unchanged. Important uncertainties on politics and geopolitics remain to be solved, so today’s decision is a prudent one. We maintain our view that the CBRT will start the gradual easing cycle towards the end of the year, but the expected disinflation could bring it forward.
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October 25, 2018
Turkey | The CBRT stays on hold
The Central Bank (CBRT) left its policy rate (one-week repo, 24%) unchanged in line with the consensus (vs. our expectation of 100bps hike). The press release after the decision is almost the same with the previous one, except for the stress over the slow-down in economic activity “partly due to tighter financial conditions”.
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