Rates To Come In Much Further

The Central Bank of the Republic of Turkey 's (CBRT) Q109 inflation report (released on January 26) has reinforced our dovish outlook for rates and we have revised down our end-year overnight borrowing rate forecast to 10.00% from 11.00%. Simultaneously, we have lowered our medium-term outlook for inflation and now expect CPI growth to moderate more aggressively to 6.0% y-o-y by end-2009 and 4.50% by end-2010.

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