Citibank sets date for Central Bank interest rate cut: 250 basis points expected!
US-based Citibank has made a forecast regarding the Central Bank's interest rate cut. The assessments of Citibank economists have sparked new expectations in the markets.
A report on Turkey by US-based Citibank economists has been published.
The report includes a forecast regarding the Central Bank of the Republic of Turkey's (TCMB) interest rate cut.
Citibank economists İlker Domaç and Gültekin Işıklar stated that a 250 basis point interest rate cut by the TCMB in December is still on the table, while projecting that inflation will decline to the 25 percent level by the end of 2025.
As reported by Cumhuriyet, attention was drawn to the possibility of a 250 basis point interest rate cut by the Central Bank in December.
Stating that inflation came in above expectations in November, Domaç and Işıklar noted that this was largely due to unprocessed food and that there is a possibility of inflation normalizing in the coming months.
POSSIBILITY OF A DECEMBER CUT REMAINS ON THE TABLE
Following these assessments, Citi economists stated that recent developments and the messages given by TCMB Governor Fatih Karahan in his latest inflation report presentation signaled that easing would begin in December.
Pointing to signs of economic slowdown and historically tight financial conditions, Citi economists stated that a 250 basis point cut in December is still on the table.
The economists projected that inflation in Turkey would decline to approximately 25 percent by the end of 2025. The TCMB had previously forecast 21 percent for 2025 in its latest inflation report.
Making assessments regarding economic activity, Citi economists also projected that growth would slow to 2.3 percent in 2024 and would be around 2 percent in 2025.
TCMB HELD RATES STEADY FOR THE 8TH CONSECUTIVE TIME
The Central Bank of the Republic of Turkey (TCMB) Monetary Policy Committee (PPK) kept the policy rate unchanged in November, holding it steady at 50 percent for the 8th consecutive time.
WHEN IS THE CENTRAL BANK INTEREST RATE DECISION?
The calendar for the interest rate decision to be announced by the Central Bank of the Republic of Turkey (TCMB) Monetary Policy Committee has been set.
Accordingly, the Central Bank's December interest rate decision will be announced on Thursday, December 26, 2024, at 14:00.
News Source: 12punto
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