Flash Report /
Turkey

Turkey: Rising inflation keeps the CBRT on hold

  • CBRT held at 19% as expected, with rising inflation pushing the real rate to zero and giving no room to cut

  • Risks to TRY have moderated but remain elevated; premature policy reversal could trigger depreciation

  • Retain Hold on Turkish T-bills and downgrade from Buy to Hold on Turkish credit, with upside now priced in

Turkey: Rising inflation keeps the CBRT on hold
Patrick Curran
Tellimer Research
12 August 2021
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