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Bond Market News
Turkey Cuts Policy Rates by 250bp to 45%
January 24, 2025
Turkey cut its policy one-week repo rate by 250bp to 45%, its second such successive rate reduction. The central bank, CBRT signaled similar cuts for future meetings. The CBRT removed reference to the convergence of inflation expectations with officials’ projected path. Most analysts expect Turkey to ease policy at a similar rate for the remaining meetings this year. Barclays economist Ercan Erguzel said that the changes “limit expectations for a pause in the central bank’s easing cycle”. Onur Ilgen of MUFG Bank Turkey said that the the trend of inflation and the general conjuncture continue to be supportive of rate cuts.
Turkey’s dollar bonds were trading stable with its 6.125% 2028s at 99.3, yielding 6.3%.
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