IronFX, Heads up for Central Bank of Turkey Interest Rate Decision later on
What to expect from Central Bank of Turkey’s Interest Decision today?
This article is originally referred from IronFX News.
Here are the 6 points to note before the market event.
- On Wednesday, at 11:00 (GMT), the Central Bank of Turkey (CBT) will announce their interest rate decision.
- A Reuters poll, suggests that the Bank’s decision will be of an interest rate hike of 50 basis points raising interest rates from 12.75% (top rate) to 13.25%.
- Should the bank hike rates the Turkish Lira could strengthen against a number of currencies.
- Be advised that the TRY has been weakening in the recent past as a number of financial indicators were quite unfavourable. However the still high inflation rate (10.23% in March) in conjunction with early elections in Turkey could provide the necessary conditions for the CBT to hike rates.
- On the other hand, Turkish governmental intentions for growth could contradict a high interest rate hike.
- We see the case for the CBT to raise hikes by 50 basis points currently.
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Original Source: IronFX News
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