One for the TRY traders - Goldman Sachs forecasts further Turkish central bank rate cuts
Goldman Sachs are tipping a 50 basis point cut from the Central Bank of the Republic of Turkey in October
- and again in November
- and then by 25bp cuts every month until the rate hits 15% in the middle of next year
The background to this is that the Bank cut its policy rate by 100 basis points to 18% on Thursday. President Erdogan has been on the warpath, wanting a rate cut to lower inflation (yes, that is the reasoning Erdogan has cited many times).