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Reuters: Turkey’s interest rate dilemma

Date 17/03/2021 |

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Turkey’s interest rate dilemma

With higher than expected inflation and further Lira devaluation, Turkey’s central bank now faces increased pressure to hike rates from 17% to 18%. In spite of economists’ consensus that a rate hike is coming, questions remain as to whether the bank will, or even can, raise rates with Turkey’s President pushing for the opposite. John Floyd, Head of Macro Strategies at Record Currency Management, has commented that market expectations must be met, if not exceeded, in order for Turkey to protect themselves against market volatility. He further notes that, as we move further into the vaccine roll-out and summer tourism approaches, the opportunity now exists for Turkey to stand out.

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