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Barclays analysts confirmed they still expected Turkey's key interest rate to hit a peak of 35% by October following a smaller-than-expected interest rate hike on Thursday, but said risks were "clearly to the downside".
Economists at major global banks are divided on their predictions regarding Turkiye's approach to raising interest rates this month, reports Bloomberg. The unexpected re-election of President Recep Tayyip Erdogan has brought the prospect of a rate hike to the forefront, a stance previously dismissed by market observers.
Erdogan, known for his aversion to high borrowing costs, is reshuffling his economic team as Turkish assets face strain due to an inflation crisis exacerbated by his preference for ultra-low interest rates.