ISTANBUL (Reuters) - Turkey's central bank is expected to raise its policy rate to 20% this week, a Reuters poll showed on Monday, though some ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSISTANBUL - Turkey's central bank is expected to raise its policy rate to 20% this week, a Reuters poll showed on Monday, though some economists expect a smaller increase after hikes in previous months remained below expectations.
As part of the policy pivot, the bank has tightened its one-week repo rate by 900 basis points, raising it from 8.5% to 17.5%, still far below annual inflation at 47.83%. The median estimate of 17 institutions in the Reuters poll was for a 250-basis-point hike in the policy rate to 20%, with forecasts ranging from 18% to 20.50%.
It predicted that the policy rate will rise to 30% by December, but added that risks were still tilted towards a lower terminal policy rate.
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