Morgan Stanley has recently joined the ranks of financial institutions in predicting that the Central Bank of the Republic of Turkey (CBRT) will continue to tighten its monetary policy at a slower pace. According to Hande Kucuk, CEEMEA Economist at Morgan Stanley, the bank estimates that the policy rate will increase by 250 basis points in the next meeting.
Despite the lack of specific forward guidance from CBRT, Morgan Stanley anticipates that the pace of tightening will slow down. The note mentions that CBRT’s preference for a moderate adjustment in growth and delays in monetary transmission is likely to lead to this prediction. As a result, it is expected that the bank will likely reduce the rate of tightening and evaluate the impact of cumulative steps on economic activity and inflation.
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