WOOD Flash – Turkey macro: do not expect big changes post rate hike
The central bank of Turkey (CBT) has raised the late liquidity window by 75bps to 13.50%, but has kept the other interest rate tools unchanged. The tone of the comments released to the market erred on the hawkish front, signalling that more measures may be put in place if inflation risks continue to mount. Our assessment of Turkey has not changed materially after this announcement and global growth changes in the coming quarters are likely to be more important than the CBT’s decisions in our view. We continue to see meaningful depreciation risks ahead. Our trade model suggests that a major growth slowdown would be needed to stabilise the trade deficit at the current exchange rate level.
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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