{"id":89037,"date":"2024-08-26T00:00:00","date_gmt":"2024-08-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/26\/turkey-expected-to-start-cutting-sky-high-50-interest-rates-in-november\/"},"modified":"2024-08-26T00:00:00","modified_gmt":"2024-08-26T00:00:00","slug":"turkey-expected-to-start-cutting-sky-high-50-interest-rates-in-november","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/26\/turkey-expected-to-start-cutting-sky-high-50-interest-rates-in-november\/","title":{"rendered":"Turkey expected to start cutting sky-high 50% interest rates in November"},"content":{"rendered":"

Turkey\u2019s interest rate could be halved by the end of 2025:<\/strong> The Turkish central bank could be set to begin a cycle of rate cuts starting November that would carry through until the end of next year, the CEO of Turkey's largest private bank Isbank, Hakan Aran, told Bloomberg<\/a>. Aran sees the bank halving rates to 25% by 2025 from their current 50%. <\/p>\n

The bank <\/strong>kept interest rates unchanged at 50%<\/a><\/strong> for a fifth consecutive month last week.<\/strong> The bank last hiked rates in March as part of a wider tightening cycle that began a little over a year ago following the re-election of Turkish President Recep Tayyip Erdogan. The central bank has raised rates by a total of 4,150 basis points since June 2023.<\/p>\n

\u201cI am not worried about a hard landing or a recession,\u201d<\/strong> Aran told Bloomberg. \u201cI believe the current policies will both lead Turkey to attain price stability and maintain growth, albeit slower than its potential,\u201d he said. The CEO sees growth rates slowing to 3.5% and inflation to 42% by the end of the year, down from the current 62%. Akan\u2019s prediction is slightly less optimistic than that of the central bank, which is targeting year-end inflation of 38%.<\/p>\n

Remember:<\/strong> Turkey\u2019s economic policy has been seeing something of a turnaround<\/a> \u2014 one that has caught the eye of investors, with nearly USD 30 bn being channeled from abroad into Turkish stocks and bonds since May 2023. Many point to the appointment of former economy chief Mehmet Simsek as treasury and finance minister as the turning point that set the country on its current trajectory, with Simsek\u2019s stint seeing a reversal of decades of unorthodox monetary policy that saw the Turkish central bank cut interest rates in the face of double-digit inflation. <\/p>\n

\n

MARKETS THIS MORNING-<\/p>\n

Asian markers are mixed in early trading this morning <\/strong>as traders weigh up dovish comments from senior US Fed officials and the risk of a regional war breaking out in our part of the world as Israel and Lebanon\u2019s Hezbollah exchange missiles. Japan\u2019s Nikkei is down 1.2% and China\u2019s Shanghai index is essentially flat, while Korea\u2019s benchmark Kospi is up 0.2%.<\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

TASI<\/strong><\/p>\n<\/td>\n

\n

12,262<\/p>\n<\/td>\n

\n

+0.6% (YTD: +2.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

MSCI Tadawul 30<\/strong><\/p>\n<\/td>\n

\n

1,537<\/p>\n<\/td>\n

\n

+0.8% (YTD: -0.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

NomuC<\/strong><\/p>\n<\/td>\n

\n

26,690<\/p>\n<\/td>\n

\n

+0.4% (YTD: +8.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD : SAR (SAMA)<\/strong><\/p>\n<\/td>\n

\n

USD 3.75 Sell<\/p>\n<\/td>\n

\n

USD 3.75 Buy<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates<\/strong><\/p>\n<\/td>\n

\n

6.5% repo <\/p>\n<\/td>\n

\n

5.5% reverse repo<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

30,074<\/p>\n<\/td>\n

\n

-0.2% (YTD: +20.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,374<\/p>\n<\/td>\n

\n

0.0% (YTD: -2.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,293<\/p>\n<\/td>\n

\n

-0.4% (YTD: +5.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,635<\/p>\n<\/td>\n

\n

+1.2% (YTD: +18.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8,328<\/p>\n<\/td>\n

\n

+0.5% (YTD: +7.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,909<\/p>\n<\/td>\n

\n

+0.5% (YTD: +8.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 79.02<\/p>\n<\/td>\n

\n

+2.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n

\n

USD 2.02<\/p>\n<\/td>\n

\n

-1.5%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold <\/strong><\/p>\n<\/td>\n

\n

USD 2,546<\/p>\n<\/td>\n

\n

+1.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 64,236.60<\/p>\n<\/td>\n

\n

+0.1% (YTD: +51.9%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL: TADAWUL-<\/p>\n

The TASI <\/strong>rose 0.6% yesterday <\/strong>on turnover of SAR 7.95 bn. The index is up 2.5% YTD.<\/p>\n

In the green:<\/strong> STC (+9.9%), Saudi Re (+9.9%) and Sasco (+6.5%).<\/p>\n

In the red: <\/strong>Al Baha (-7.7%), Raydan (-3.6%) and Miahona (-3,3%).<\/p>\n

\n

THE CLOSING BELL: NOMU-<\/p>\n

The NomuC<\/strong> rose 0.4% yesterday <\/strong>on turnover of SAR 44 mn. The index is up 8.8% YTD.<\/p>\n

In the green:<\/strong> Lana (+9.2%), Networkers (+5.2%) and Osool and Bakheet (+5.0%).<\/p>\n

In the red:<\/strong> Neft Al Sharq (-11.8%), Taqat (-9.2%) and View (-8.2%)<\/p>\n

\n

CORPORATE ACTIONS-<\/p>\n

#1- <\/strong>Saudi Manpower Solutions Company (Smasco) will distribute SAR 48 mn in <\/strong>dividends<\/strong> at SAR 0.12 riyals per share for 1H 2024<\/strong>, it said in a disclosure to Tadawul<\/a>. Distribution is set for Tuesday, 10 September. <\/p>\n

#2- SNB Capital will distribute SAR 34.4 mn in dividends at SAR 0.25 per unit to<\/strong> unitholders of AlAhli REIT Fund (1) for 1H 2024<\/strong>, it said in a disclosure to Tadawul<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

Turkey\u2019s central bank has raised interest rates by 4,150 bps since June 2023<\/p>\n","protected":false},"author":1,"featured_media":89038,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2565],"tags":[2419,10,55,59,2670],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89037","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-capital-markets","tag-enterpriseam-ksa","tag-financial-markets","tag-planet-finance","tag-turkey","wpautop","entry"],"acf":{"mongo_id":"66f3ddb5-022c-48ce-8cb0-210d0a8f9925","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/2170.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Turkey expected to start cutting sky-high 50% interest rates in November","related_issue":[89022],"teaser":"Turkey\u2019s central bank has raised interest rates by 4,150 bps since June 2023","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.6c7e7233-7cb2-4671-826d-c1b59cdfecad.mp3"},"yoast_head":"\nTurkey expected to start cutting sky-high 50% interest rates in November - 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