Reuters Poll: CBRT to leave policy rate unchanged at 14%

All 18 economists that took part in a recently conducted Reuters poll said that they expect the Central Bank of the Republic of Turkey (CBRT) to leave its policy rate unchanged at 14% this week.

"Economists see inflation rising to near 70% as the lira declines and energy prices add further pressure," Reuters wrote. "But they say a rate hike is off the cards, given Erdogan's aversion to high borrowing costs."

Market reaction

The USD/TRY pair showed no immediate reaction to this headline and was last seen trading flat on the day at 14.75.