Turkish banks rise as c.bank statement spurs expectations for rate cut

Turkiye Is Bankasi AS

21/11/2024 12:59

** Shares in Turkish banks rise after markets took a
statement from Turkey's c.bank (CBRT) as a signal for a
potential interest rate cut in the near future
    ** Turkey's main banking index  .XBANK  is up 5.29%, lifting
the main stock market index  .XU100  to 3%
    ** CBRT held key interest rate steady at 50% on Thursday, as
expected, and said it remained highly attentive to inflation
risks ahead of an expected easing cycle in the coming months
    ** "The level of the policy rate will be determined in a way
to ensure the tightness required by the projected disinflation
path, taking into account both realised and expected inflation,"
CBRT said after a monetary policy committee meeting
    ** Yusuf Doğan, Head of Global Markets Research at Info
Yatırım, says markets interpreted the statement as a signal for
a rate cut, which led to a rise in the banking index
    ** "On the global front, scenarios for CBRT rate cuts are
being pulled forward to December 2024," Doğan adds
    ** Turkey's Akbank  AKBNK.IS , İs Bankası  ISCTR.IS  and
Yapı Kredi  YKBNK.IS  rise 5%-6%

 (Reporting by Canan Sevgili)
 ((canan.sevgili@thomsonreuters.com))