WOOD Flash – Turkey macro: CBRT likely heading for single-digit rates
The Monetary Policy Committee at the CBRT decided to cut the policy rate (1W repo) again by 100bps to 12.00%, at the meeting held yesterday (22 September). The decision was in line with our expectations, but came as a surprise to the consensus, which expected no change. Monetary policy strategy has clearly been geared in favour of growth and to the detriment of inflation, and will likely remain so at least until next year’s elections, in our view. Given the emerging signs of slowdown amidst the gloomy external backdrop and, above all, the implicit electoral pledge of single-digit rates, we see a fair chance of rates being reduced below 10% in the next three-to-four months.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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