The decline in Turkey’s five-year credit default swap (CDS) is a positive sign for the country’s loan repayment status and risk premium. Last week, the CDS premium dropped below 350 basis points, reaching its lowest level since March 19, 2021. This decrease in the CDS premium has occurred amid the Central Bank of the Republic of Turkey (CBRT) interest rate decision.
On Thursday, the CBRT is expected to announce its November interest rate decision, with markets anticipating a slower interest rate hike of 250 basis points. Over the past five meetings, the Central Bank has increased the interest rate by a total of 2650 basis points in an effort to stabilize the economy.
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