CBRT overdelivers to reassure investors

Turkey’s central bank didn’t disappoint investors, delivering a larger-than-expected 200bp interest rate hike (to 19.00%) today, and we think that it will keep monetary conditions tighter than most expect over the next couple of years. That will provide a more supportive environment for the lira.   Note: Chief Emerging Markets Economist William Jackson and Senior Emerging Markets Economist Jason Tuvey will be discussing the outlook for monetary policy in Brazil, Turkey and the rest of the emerging world today at 14.00 GMT. If you haven’t done so already, register here.

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