Rate Decision: Another 50bps Cut Ahead

In line with our call, (see Rates To Fall Below 8.00%: Risk Implications, July 17 in our online service) the Central Bank of the Republic of Turkey (CBRT) continued with its aggressive monetary easing at its August 18 monetary policy committee (MPC) meeting, cutting the benchmark overnight borrowing rate by 50bps to a new record low of 7.75%. Going forward, we believe that further rate cuts are on the cards, with the MPC likely to cut by another 50bps in September.

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