Turkish President Erdogan says he has accepted steps that the CBRT and Finance Minister Simsek will take, via Bloomberg
Reaction details (11:00)
- In an immediate reaction to this remark, USD/TRY fell from 23.65 to 23.50.
Analysis details (10:59)
- Follows reports in the likes of MME, available here, recently that Simsek is said to have proposed to Erdogan an 18-month timeframe where the CBRT's benchmark rate would gradually increase from 8.5% to as high as 25%.
- Ahead of the June 22nd CBRT, desks have been making pronounced calls with JP Morgan expecting the CBRT to hike rates from the current 8.5% to 22% and to 30% by end-2023, with upside risk.
14 Jun 2023 - 10:54- ForexImportant- Source: Newswires
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