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17 Mar 2020

Turkey: CBRT cut to 9.75% – Standard Chartered

The Central Bank of the Republic of Turkey (CBRT) cut rates 100bps to single-digit territory, two days ahead of its 19 March monetary policy committee (MPC) meeting, analysts at Standard Chartered Bank reports. USD/TRY is trading at 6.430 after falling in the last minutes.

Key quotes

“In an unscheduled MPC meeting on 17 March, the CBRT cut the weekly repo rate 100bps to 9.75%.”

“We lower our 2020 C/A deficit forecast to -0.7% of GDP (from -1.3% prior) and our 2020 average inflation forecast to 10.2% (11.25% prior).”

“We lower our 2020 year-end policy rate forecast to 8.75% on these conducive conditions.”

“We think looser financial conditions will bode well for growth in H2-2019, after a slowdown at end-Q1 and likely into Q2, given the spread of coronavirus.”

Mar 17, 2020

Gold Price Analysis: Recovers early lost ground, jumps back above $1500 mark

Gold managed to recover a major part of the early lost ground and is currently placed near the top end of its daily trading range, with bulls making a

Fed: Will establish commercial paper funding facility to support flow of credit

The Federal Reserve has announced that it will establish the Commercial Paper Funding Facility (CPFF) to support the flow of credit to households and