Rate unchanged, statement visibly more dovish

TURKEY - Report 21 Nov 2024 by Murat Ucer

The CBRT/MPC left the policy rate (one-week repo) unchanged at 50% at today’s meeting, in line with expectations. The statement (link here) turned visibly more dovish in our view, enhancing the probability of a December rate cut, assuming that November inflation does not badly surprise on the upside, which, incidentally, we do not expect it to.

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