Lira could start to find some broader support if CBT can bring inflation expectations down

The Central Bank of Turkey (CBT) meets today to set interest rates. Economists at ING analyze the Turkish Lira (TRY) outlook ahead of the meeting. Wil

The Central Bank of Turkey meets today to set interest rates. Economists at ING analyze the Turkish Lira So far, it is fair to say that the pace of policy tightening over recent months has disappointed market expectations. And another 250 bps rate hike to 20% in the one-week repo today would still leave real rates deeply in negative territory given inflation is running at close to 50%.

If the central bank can bring inflation and inflation expectations down, making real rates far less negative, then the Lira could start to find some broader support. Otherwise, gradual depreciation on the back of high inflation looks to be the most likely path.Information on these pages contains forward-looking statements that involve risks and uncertainties.

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