25bps Cut Signals Greater Caution

January 2008 | Economic Analysis

We are maintaining our forecast for a cumulative 250bps in cuts to Turkey's policy rate by end-2008 despite the decision by the central bank to cut by only 25bps at its January monetary policy meeting. That said, we do highlight that downside risks to our rate forecast have elevated, with persisting high core inflation and global market volatility adding to our concerns.

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