Central Bank to hold investor meetings

ANKARA

Türkiye’s Central Bank has announced that it will organize “Investor Days” starting from January next year.

The first Investor Day will be held on Jan. 11, 2024, in New York, according to the bank's statement issued on Nov. 13.

At the events, presentations will be made on issues such as inflation, monetary policy, financial markets and banking, and technical questions will be answered, the Central Bank said, adding that details on participation will be announced on a later date.

Meanwhile, Deutsche Bank said in a recent report that Türkiye’s domestic sovereign bonds are likely to be the most attractive investment in 2024.

Investment bank Goldman Sachs said it expects the Central Bank to continue to increase interest rates this year and that the policy rate will rise to 40 percent.

Goldman Sachs predicts that interest rate cuts will begin in the third quarter of 2024 and that the interest rate will decrease from 40 percent to 25 percent at the end of the year.

The Central Bank increased its policy rate, the one-week repo auction rate, by 500 bps from 30 percent to 35 percent last month.

Since June, the bank has hiked the policy rate by 2,650 bps.

The Central Bank’s Monetary Policy Committee will hold two more meetings this year, on Nov. 23 and Dec. 21.

Foreign investors are keeping a close eye on Türkiye and its new economic team, said Mahmut Ünlü, CEO of Ünlü & Co., one of the country’s leading investment services and asset management groups, last week.

The appointment of a new economic team after the elections and the announcement of the medium-term program by President Recep Tayyip Erdoğan himself are considered important steps by foreign investors, according to Ünlü.

Ünlü predicted that Foreign direct investment inflows into Türkiye are likely to double in the next two years to reach $11 billion.