The decision by the Turkish central bank (CBRT) to hike its one-week repo rate by 350bp, to 46.00%, formalises the emergency monetary tightening delivered last month and is a strong signal of commitment to a tight policy stance. At this stage, we don’t think further hikes lie in store, but we now forecast the repo rate to end 2025 at 40.00% (previously 35.00%).
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