Turkish CB may cut rate more than expected

Bloomberg

When the Bank’s Monetary Policy Committee meets later today it may reduce the rate by 100 basis points to 9.5 percent, economist Christian Keller and rates analyst Arko Sen said Tuesday.

"Revisions of the official macro forecasts to more realistic numbers in preparation for the final negotiations of an IMF program and the prospects for the request of an IMF mission within this week have now tilted the balance in favor of a larger-than-50 basis point cut," they said.

Prime Minister Recep Tayyip Erdoğan’s government revised its estimate for economic growth on April 13, forecasting a contraction of 3.6 percent this year.