Turkey's normalisation process continues with 500bps rate hike

  • The CBRT hiked its policy rate by 500bps to 30%, in line with expectations, brining cumulative hikes to 21.5% since May

  • Unwinding FX-protected deposits accounts is the next, and more difficult, stage of the normalisation process

  • Especially given high and rising inflation and current account deficits; retain Sell on local currency government debt

September 21st, 2023
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