Turkey: CBRT to keep Repo Rate on hold at 24.00% - TDS

In Turkey, the CBRT is set to announce rates and analysts at TD Securities and the consensus expect the benchmark Repo Rate to remain on hold at 24.00%.

Key Quotes

“Minor upside risks exist, especially in the context of a sudden currency correction. We think the market will be relatively muted, although Turkish asset prices remain highly volatile.”

“Large moves could be the result of unexpected decisions, or be triggered by nuances in the statement that the market interprets as either hawkish or dovish.”

“We expect USDTRY to remain relatively unchanged if the CBRT leaves rates unchanged but delivers convincing hawkish language of tightening to come as we are looking for.”