Turkey: Central bank holds again, but easing bias still clear

  • Repo rate held at 19% as expected, with promise to keep real rates positive until 5% inflation target achieved

  • Inflation continues to rise, but CBRT forecasts year-end CPI at 12.2% and will maintain stance until it begins to drop

  • Hawkish stance is encouraging but the cutting bias is clear. If it is premature, it will lead to TRY pressure

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