WOOD Flash – Turkey macro: CBT cuts again, but signals a pause after December
At its meeting today (18 November), the Monetary Policy Committee at the CBT decided to reduce the policy rate (1W repo) by 100bps, to 15%, in line with what both we and the consensus were expecting. The statement signalled that a final rate cut is in the pipeline for December, after which the MPC will leave the policy rate on hold. We stand by our view that the easing cycle has been pushed too far, and we expect to see a reversal to 17% by the end of next year.
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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