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The CBRT maintained the policy rate (50%) and the range between borrowing and lending rates (600 bps). They remain cautious about the risks on inflation outlook. On financial stability concerns, they aim to sterilize excess TL liquidity stemming from the most recent domestic and foreign demand for TL financial assets.

Monthly inflation had not reached values below 10% since October 2023; monthly core inflation (6.3% m/m, 292% y/y) was the lowest in 15 months, and is the key variable to monitor to measure the pace of disinflation in a context of correction of tariffs and other regulated prices.

Consumer prices rose by 3.18% in April, parallel to our expectation of 3.1% and slightly lower than the consensus of 3.4%, which led to an annual inflation of 69.8%. Given the expectations of a tighter policy mix in the coming period, we acknow…

The CBRT kept the policy rate constant at 50% in line with market expectations. We expect the CBRT to remain tight for longer on high inflation expectations, which would start a sustained path to unwind current regulations and exit from the FC …

Consumer prices rose by 3.16% (68.5% y/y) in March, lower than both our expectation and consensus (3.5% and 3.6%, respectively). We expect annual consumer inflation to reach 45% by 2024 end under the assumption of 3.5% GDP growth in 2024, gradu…

The Central Bank (CBRT) surprised the markets and hiked the policy rate by 500 bps to 50%. They promised to tighten the stance further according to the inflation outlook and support the monetary transmission mechanism in case of unanticipated developments in credit growth and deposit rates.

We summarized the recent Chinese economic development as well as policy outlook in 2024. We also highlight the March 2024 "Two sessions".

Consumer prices rose by 4.53% in Feb, higher than our exp. and cons. (4.0% both), and annual inflation accelerated to 67.07% (64.86% prev.). Given the strong realizations in Jan. and Feb, we expect tighter financial conditions to be pursued in …

The Central Bank (CBRT) maintained the policy rate at 45% as expected. We maintain our call of keeping 45% policy rate throughout the year with a bias tilted to the upside.

In the first inflation report of the year, the Central Bank (CBRT) maintained their interim inflation targets (36% by end 2024 and 14% by end 2025). We expect the policy rate at 45% throughout the year although the possibility of a rate hike ab…

Consumer prices rose by 6.70% in January, higher than our expectation (5.7%) but parallel to the consensus (6.6%) and annual consumer inflation accelerated slightly to 64.86% (vs. 64.77 prev.). We eliminate our previous downward bias and now expect consumer inflation to slow down to 45% by end 2024.

Consumer prices rose by 2.93% m/m in Dec, lower than our expectation (3.3%) and consensus (3.0%) and annual CPI accelerated to 64.77% (vs. 61.98% prev.). We expect 2024 year-end consumer inflation to reach 45%, though recent improvement in inflation trend and potentially stable currency pose downward risk on our forecast.