In its report dated June 20, Moody’s stated that they expect the Central Bank of the Republic of Turkey (CBRT) to reduce the policy rate to a level close to the deposit rate. The credit rating agency stated that if the expected changes in economic policies take place in Turkey, this situation will be positive in terms of credit rating and they expect the policy rate to be approached to deposit rates.
Moody’s report, “If followed, orthodox, rules-based and predictable policy transition would certainly be positive for the credit rating,” he found. The agency stated that it expects the CBRT to rapidly bring the policy rate closer to the TL deposit rates, which is around 25-30 percent depending on the maturity, and evaluated that additional interest rate hikes will be needed to effectively tighten the monetary policy as well as to take a determined stance in the fight against inflation.
Moody’s also discussed the macro prudential measures implemented in the last year in its report and stated that most of the measures that have the greatest impact on the profitability of the banking sector are expected to be phased out.
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