PRIMER: CBRT rate decision at 12:00BST/07:00EDT; Rates expected to be maintained

Analysis details (07:37)

The CBRT is wholly expected to maintain its One Week Repo rate at 14.00%, according to all 18 analysts polled by Reuters. At the prior meeting, the CBRT reiterated it will continue to use all available instruments decisively within the framework of its liraziation strategy until strong indicators point to a permanent fall in inflation and the medium-term 5% target is achieved in pursuit of the primary objective of price stability. The central bank noted geopolitical risks but domestically, Turkey is tackling elevated CPI and PPI levels, with the former at 61.14% in March (prev. 54.44%) whilst PPI printed at an eye-watering 114.97% (prev. 105.1%). The Bank has been taking some measures to keep the TRY at bay, with Reuters sources recently reporting the Turkish Central Bank is mulling raising the level of forex revenues exporters must sell to 40% from 25%, according to Reuters sources. All-in-all, there is nothing thus far to suggest the meeting will offer any surprises. 

14 Apr 2022 - 07:37- ForexData- Source: Newsquawk