CBT Makes its Choice

TURKEY - In Brief 24 Jun 2013 by Atilla Yesilada
CBT signaled to the market that it intends to deal with the pressures on the exchange rate primarily by selling F/X than by raising funding rates. Of course, this could bite them in fanny if the GEM sell-off were to last for a “few more months”.  Treasury auctions not good...Average yields up across the board.Loans and CU, as well as business confidence shows no impact of Gezi Parki.  I don't know if this is good or bad. If the economy is accelerating via domestic demand into a maelstrom of capital flight from GEM, it is very bad. If the GEM were to stabilize over summer months, market will focus on superior growth opportunities. Last minute phone traffic with EU members to open a new chapter in accession talks. Germany is still rejecting the deal. At home, Erdogan on the campaign trail, insulting everyone who is not with him. Equities RIP...  Such a familiar pattern.  Market starts with bids then Wall Street opens for business and whammm.... it goes down like a stone.

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