Turkish central bank expected to raise rates to 35% on Oct. 26
© Reuters. FILE PHOTO: A logo of Turkey's Central Bank is pictured at the entrance of its headquarters in Ankara, Turkey October 15, 2021. REUTERS/Cagla Gurdogan/File PhotoISTANBUL - Turkey's central bank is expected to deliver another hefty rate hike of 500 basis points this week, a Reuters poll of economists showed on Monday, as it continues to tighten policy against rising inflation.
"The central bank's focus has remained on anchoring inflation expectations and achieving disinflation ... would lead to a positive ex-ante real policy rate based on the 33% inflation forecast for 2024 in the medium-term plan," ING wrote in a research note. Further depreciation in the Turkish lira and increases in taxes and fees have fanned inflation, eating into Turks' savings despite tighter monetary policy.
The median growth forecast stood at 2.9% for 2024 and 3.8% for 2025 in the poll, compared to the government's forecast of 4.0% and 4.5% respectively.
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