‘INTEREST RATE CUT’ DEBATE IN CRYSTAL GLOBE
Dollar, which started the week with 3.09 to 3.10 Turkish Lira range, started an upward motion based on remarks about presidential system and referendum, and Mosul operation. Halit Soydan, Lecturer at IUE Department of Economics, and Former Managing Director of Yapı Kredi and Garanti Banks, commentated on the increase in dollar and decrease in interest rates and he said, “The Central Bank of the Republic of Turkey (CBRT) would not risk interest rates at such a twist.”
Soydan stated that decisions about recent inflation trends as well as interest rates in CBRT’s Monetary Policy Committee meeting would be the center of attention. Soydan said, “CBRT pulls expectations in both directions. There are those who believe the Central Bank will cut the interest rates and those who believe it won’t take any action. We’ve analyzed weighted average funding cost of the CBRT Funding. We can see that the Central Bank acts cautiously even on moderate days. We even asked for the opinions of representatives of foreign funds, and we assume that the current status quo will stay unchanged nowadays as things get heated up in our southern borders.”
Soydan pointed that consumer price index went from 8.05% to 7.28% in the past two months, and consumer price index in "Medium Term Program" for the end of 2016 was maintained at a level of 7.5%. “We are looking forward to the meeting CBRT will hold on October 27. However, we also expect US Federal Reserve to increase interest rates in December. We believe that CBRT would not risk interest rates at such a twist but of course, Monetary Policy Committee will have the last say about it,” reported Soydan.
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