The Turkish central bank (CBRT) kept its benchmark rates on hold today, but the accompanying statement struck a hawkish note in response to the latest fall in the lira. In addition, the Bank’s accompanying publication of its road map for monetary policy suggests that the MPC is trying to get ahead of the curve before the Fed starts to raise rates. But in spite of the proposed changes to the policy framework, we remain of the view that monetary conditions will need to tighten over the coming six to nine months.
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