On a wait-and-see mode

TURKEY - Report 22 Feb 2024 by Murat Ucer

The CBRT/MPC kept the policy rate at 45% today, as expected. There were a number of additions and changes to the statement, which we highlight/comment on in our report.

On a relatively minor note, there is now a relatively lengthy sentence on domestic demand conditions, which we read as an acknowledgement by the Bank that we have yet to see broad-based demand weakness. The Bank also acknowledges that stickiness in services inflation, geopolitical risks, and food prices (the latter added in this round) keep inflation pressures alive.

Now read on...

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