Turkey's normalisation process continues with 500bps rate hike
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The CBRT hiked its policy rate by 500bps to 30%, in line with expectations, brining cumulative hikes to 21.5% since May
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Unwinding FX-protected deposits accounts is the next, and more difficult, stage of the normalisation process
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Especially given high and rising inflation and current account deficits; retain Sell on local currency government debt
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
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