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Turkey: Early rate cut by CBRT would be counterproductive - Rabobank

According to analysts at Rabobank, an emergency interest rate hikes tend to be reversed as soon as the main negative factors that forced a central bank to use such drastic measures as a few hundred bps hike diminish.

Key Quotes

“It is therefore only a matter of time before the Central Bank of the Republic of Turkey (the CBRT) start to lower the main policy rate currently set at 24%.”

“While the sharp deceleration in inflation is an encouraging signal and it would be reasonable to expect policy makers to ease the burden on the economy amid signals of significant slowdown in activity, a volatile start to the year for the Turkish lira requires a cautious approach.”

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