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CBRT to stay ‘on hold’ – TDS

FXStreet (Edinburgh) - According to Paul Fage, Strategist at TD Securities, the Turkish central bank could leave rates unchanged at its meeting this week.

Key Quotes

“At tomorrow’s (22 September) MPC meeting we expect the CBRT to keep all its policy rates on hold, i.e. the benchmark Repo Rate to remain at 7.5%, the Overnight Lending Rate at 10.75%, and the Overnight Borrowing Rate at 7.25%. This is in line with the consensus”.

“However, given the extreme political sensitivity of the issue of interest rate policy, we see little chance of the CBRT hiking, at least until the November elections are out of the way”.

“The future change that the market really has its eyes on is the simplification of the existing system of interest rates, which will be carried out by making the corridor more symmetric around the Repo Rate while also narrowing the corridor. One of the goals is to move to a single policy rate rather the existing three rate system”.

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