WOOD Flash – Turkey macro: the Central Bank hikes rates by 475bp to 15%
At its meeting today (19 November), the Monetary Policy Committee of the Central Bank of Turkey (CBT) decided to raise the 1W repo policy rate by 475bp to 15%, in line with the market consensus but slightly below our expectations of a 500bp rise to 15.25%. The statement underlined that the MPC has decided to revert to a more orthodox policy framework and that, going forward, all of the funding is to be provided through the 1W repo auction rate, which will be the main policy tool and the only indicator reflecting the monetary stance. Furthermore, the MPC signalled that it is maintaining its policy of tightening decisively until a permanent fall in inflation is achieved.
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