The Central Bank of Turkey (TCMB) kept interest rates at 14% at its scheduled meeting at the end of each month.
Analysts at Commerzbank had predicted the move, even describing the forthcoming decision as “another face-to-face meeting”.
TCMB’s announcement is, once again, “unbiased”, as it has been for the last two quarters. The TCMB kept “its key interest rate unchanged at 14% even when inflation is close to 70%, simply because the Central Bank is not really free to raise interest rates,” Commerzbank said. “If there was no continuing devaluation pressure on the pound, the CBT could probably even lower the interest rate.”
“We remain of the view that as Turkey’s real interest rate remains deeply negative, the next big move in the dollar-pound exchange rate is approaching.”
Petros Kranias
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Source: Capital
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