WOOD Flash – Turkey macro: CBT hikes beyond expectations, in bid to embed credibility
The Monetary Policy Committee at the CBT has decided to raise the policy rate by 200bps, to 19%, beating the estimated 100bps hike that both we and the market were expecting.The post-meeting statement noted that the MPC has decided to deliver front-loaded tightening, as the rise in international food and commodity prices continues to present upside risks for the inflation outlook. Additionally, credit growth has also started to move on an upwards trend, which delays the constraining effect of the earlier tightening on aggregate demand further. It was also noted that the bank will hike further, if needed, and a positive real policy rate will be maintained until the 5% inflation target has been achieved and permanent price stability has been established.
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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