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Deutsche Bank sees Turkey cutting rates to 14% by year-end -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: The logo of Germany’s Deutsche Bank is on display ahead of the bank’s annual shareholder meeting in Frankfurt, Germany, May 23, 2019. REUTERS/Kai Pfaffenbach

LONDON (Reuters). Deutsche Bank (DE) The German Economic Association (DE) indicated that they now expect Turkey’s central banking (CBT) will reduce interest rates more quickly than originally anticipated. CBT cut 100 basis point at its November and Dec meetings.

Fatih Akcelik, in a late Wednesday note to clients, stated that “Due to the lower-than expected core inflation, and the CBT’s recent emphasis upon current account adjustments as well as an increase in required reserve ratios FX/gold deposits announced this week,”.

“Our year end policy rate (and the terminal rate) are now

14.0%

Deutsche Bank stated that they expect headline inflation will remain at or above 20% during the first six months of next year. They also anticipate it to be 16.0% by the end of 2022.

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