WOOD Flash – Turkey macro: CBT ends rate cut cycle; but will continue with other tools
The Monetary Policy Committee at the CBT has reduced the policy rate by 150bps to 9.00% and called an end to the easing cycle. It was announced that the MPC will continue with its efforts to improve the monetary policy transmission mechanism and a comprehensive set of policies will be published in December. We believe that further steps will be taken to funnel credit to support productive capacity ahead of the elections next year, with the ultimate goal being to support employment as the slowdown takes effect. However, in doing so, maintaining a benign current account balance will be necessary next year as funding challenges are likely to become intense, with a super-aggressive Fed, coupled with a global downturn. Looking ahead, we do not expect any changes in the policy rate until the elections 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.
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